Reliance General Insurance Going Strong, Gross Written Premium Rises 13% YoY To <span Class='webrupee'>₹</span>8,208 Cr In 9MFY23

The 5th largest private general insurance company in India, in a statement, said, "the company is investing heavily in new Digital Alliances, Retail health distribution, MSME business, and new product development to tap emerging growth opportunities in the sector."

In 9MFY23, the company's investment assets have grown at 20% to ₹16,581 crore for 9M FY23 as against ₹13,861 crore for the corresponding period 9M FY22. Also, the company is operating at 6.6 times the Investment AUM / Net Worth Ratio, which is one of the best in the industry and shows a strong cash accrual.

For the past many years, Reliance General Insurance has been reinvesting the annual bottom line in growing the business and maintaining solvency over the Regulatory limits. The latest solvency position as on 31st December 2022 stands at 1.59 times indicating sufficient buffer over its Policyholder liabilities There is no challenge to the company to grow at the past growth rates due to strong internal accruals and existing capital.

Additionally, the company ranks best amongst large players in the industry in terms of its faster claims settlement. As per the IRDAI’s Annual Report, for the year 2021-22, the company has settled over 23 lakh claims of which 98.65% claims were settled in less than 3 months’ time.

In a statement, Reliance General Insurance said, "Considering the fact, that the insurance penetration level in our country is very low as compared to other parts of the world and the big-ticket reforms recently initiated on the Regulatory side facilitating ease of doing business in the insurance sector, and ensuring the regulatory architecture is aligned with the market dynamics to improve penetration, there is an augmented opportunity for much faster growth over the past. Few reforms are already in place, and few are in pipeline."

Further, it added, the impact of these reforms will bring significant growth opportunities for the sector. As a large format insurer, Reliance General Insurance can gain significantly in the current ecosystem and hence in anticipation of a much higher growth rate over and above its normal growth of about 15% per annum in the last 3 years (which is better than the General Insurance Industry growth rate), the company has raised a request for fresh capital infusion to its parent company, Reliance Capital Ltd.

Also, the company has a robust network of more than 75,000 intermediaries and 131 branch offices manned by over 7000 people across India for offering its products and services to Retail, Corporate, Government, and SME clients.

Reliance General Insurance strongly believes that it is in the best position to offer its customers innovative and complete Insurance Solutions in Resurgent India.