Posted on Jul 12, 2010 by Sergio Ulloa
In less than five years Indian Life Insurance company, Reliance Life Insurance, has crossed the 6-million policy milestone it had set and now aims to achieve an overall premium of US$4.28 billion (EUR 3.4 billion) within the next two years. Reliance Life Insurance is an associate partner of Reliance Capital, part of Reliance Anil Dhirubhai Ambani Group.
During the year 2009-2010 Reliance Life Insurance secured 2.3 million policies, which is the highest achieved in a year-on-year basis.
In addition to aiming for an overall premium of US$4.28 billion (EUR 3.4 billion) within the next two years, Reliance Life Insurance has plans to more than double their assets under management to over US$6.4 billion (EUR 5.1 billion), also within that same period.
As per figures gathered up to the end of March this year, Reliance Life Insurance has a 10.2 percent market share amongst private life insurers in India, and assets under management of US$2.9 billion (EUR 2.3 billion), through their association with Reliance Capital.
For the next three years, Reliance Life Insurance is planning to gain a 10 percent overall market share, with their plans aimed at focusing on the health insurance sector, which offers sizeable growth opportunities.
Innovative products including total reimbursable health expenses, individual and family floaters on both group and individual product platforms are being added, strengthening their health insurance product lines currently offered in their health insurance portfolio.
Insurance Company mentioned:
Reliance Life Insurance is an associate company of Reliance Capital Ltd., a part of Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India's leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services.