Reliance Nippon Life Insurance Company Limited, a subsidiary of Reliance Capital Ltd., announced its financial results for the year ended March 31, 2019. The key performance highlights are:
- Total premium increased to Rs. 4,336 crore (US$ 619 million) - a YoY increase of 7%
- Renewal premium rose to Rs. 3,291 crore (US$ 470 million) - a YoY increase of 4%
- The business made a profit of Rs. 25 crore as against a profit of Rs. 1 crore in FY18
- As on March 31, 2019, assets under management stood at Rs. 20,281 crores (US$ 2.9 billion) - a YoY increase of 6%
- As on March 31, 2019, Embedded Value was at Rs. 3,582 crore (US$ 512 million) - a YoY increase of 11%
- As on March 31, 2019, there were approx. 3 million policies in force with a total sum assured of approx. Rs. 76,800 crore
"It has been a year of several milestones - we delivered 21% growth on individual WRP against industry growth of 9%, and we sustained improvement on 13m persistency and ended the year at 78%. Through our several digital initiatives and data-led segmented strategy, we are confident to continue on the path of customer centric and strong growth in FY20", said Mr. Ashish Vohra, ED & CEO, Reliance Nippon Life Insurance Co. Ltd.