RIL gets IRDA nod for expansion
The company on Tuesday announced that it has obtained IRDA's consent to open 17 new offices in various cities, including Mumbai and Delhi.business Updated: Jan 03, 2006 15:52 IST
Anil Ambani's ADAE group has charted major expansion plans for Reliance General Insurance, which has the dubious distinction of being the only private player to have witnessed decline in premium income in the last few months.
The decline in premium income coincided with the fight between the Ambani brothers to gain control of the Rs 100,000 crore Reliance empire.
Soon after resolving ownership issues with his elder brother Mukesh, Anil acquired AMP Sanmar Life to make a direct foray into life insurance and also applied to IRDA for expanding the operations of Reliance General Insurance.
The companyon Tuesdayannounced that it has obtained IRDA's consent to open 17 new offices in various cities, including Mumbai and Delhi.
The private insurer will open four new branches in Mumbai and Delhi, while spreading its network to Nashik, Nagpur, Kolhapur, Solapur, Indore, Rajkot, Coimbatore, Chennai, Hubli, Vizag, Cochin, Gurgaon, Noida, Kanpur, Kolkata and Bhubaneswar, Reliance General said in a release.
Reliance General is also on a recruitment drive to increase manpower strength and agents network in the country, it said.
The company is also planning to introduce new value-added products in various segments like travel, health, home, rural, commercial and liability.
At present, Reliance General has a range of 75 insurance products providing end-to-end solutions to retail and corporate clients.
Though Reliance General has been maintaining a profitable track record since inception in October 2000, it has been witnessing flat growth in premium and had less than one per cent of the market share.
Reliance General had a premium income of Rs 88.55 crore till October 2005 compared to Rs 104 crore in the year-ago period, as per latest IRDA data.