Private sector Reliance Nippon Life Insurance registered a 37.2 per cent increase in net profit at ₹35 crore in FY20. In a statement on Thursday, it said that total individual premium collection increased by 4 per cent to ₹4,375 crore last fiscal.
Total renewal premium rose by 4.4 per cent to ₹3,435 crore in FY20. Its 13th month persistency stood at 77.03 per cent and assets under management amounted to ₹19,837 crore.
It has also augmented contingency reserves by ₹33 crore to allow for any adverse experience due to Covid-19. “We delivered over 20 per cent growth in Embedded Value on the back of sustained new business contribution and value of new business, healthy persistency levels and customer retention, better mortality experience, favourable product and asset mix and contained opex ratios,” said Ashish Vohra, Executive Director and CEO, Reliance Nippon Life Insurance.
The insurer has 25,56,242 policies in force, with a total sum assured of ₹75,290 crore.