Reliance Life Q1 premium income up 31 pc to Rs 1,201 cr | business | Hindustan Times
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Reliance Life Q1 premium income up 31 pc to Rs 1,201 cr

Anil Ambani Group's life insurance venture Reliance Life has registered a 33 per cent rise in its total premium income to Rs 1,201 crore for the quarter ended June this fiscal.

business Updated: Aug 18, 2010 13:53 IST

Anil Ambani Group's life insurance venture Reliance Life has registered a 33 per cent rise in its total premium income to Rs 1,201 crore for the quarter ended June this fiscal.

The company is targeting a premium of Rs 10,000 crore in 2010-11, higher from Rs 6,605 crore premium income in 2009-10.

"We have set a target of Rs 10,000 crore business premium by the end of the current financial year on the back of wide-ranging product portfolio and increasing distribution network across the country," Reliance Life Insurance President and Executive Director Malay Ghosh said today.

The insurer's new business premium grew by 20 per cent to Rs 605 crore for the quarter ended June 30, from Rs 506 crore in the same period a year ago, according to the Insurance Regulatory and Development Authority (IRDA) data.

"We are confident of maintaining our growth momentum and taking greater strides in the next few quarters on the back of our quality product and services," Ghosh said.

The renewal premium witnessed a 50 per cent jump at Rs 596 crore in the April-June quarter of current fiscal, against Rs 398 crore in the corresponding period.

Besides, in the first quarter the company has sold the highest number of policies among private players.

The insurer sold 4.93 lakh policies during the quarter against 4.06 lakh policies in the corresponding period last year, an increase of 21 per cent.

The company's distribution network stands at 1,247 branches by the end of the June quarter against 1,145 branches at the end of June 30, 2009.

The number of agents witnessed a 24 per cent increase at 1.99 lakh at the end of the first quarter compared to 1.61 lakh agents as on June 30, 2009.