Reliance Nippon Life Insurance said on Monday its individual weighted received premium (WRP) was Rs 220 crore in the third quarter of 2018-19, marking an increase of 34 per cent in the year-on period.
The total premium increased to Rs 1,030 crore, up 3 per cent while the renewal premium was at Rs 793 crore. The business made a marginal profit in Q3 FY19 vis-à-vis a loss in Q3 FY18, the company said in filing at stock exchanges.
As on December 31, 2018, assets under management stood at Rs 20,202 crore, up 7 per cent in the corresponding period of last year. There were about 3 million policies in force with a total sum assured of over Rs 74,500 crore
“Our focussed efforts have resulted in a significantly faster than industry growth, besides sharp improvements across customer retention and persistency measures," said Ashish Vohra, Executive Director and CEO, Reliance Nippon Life Insurance Co Ltd. "We will continue to drive momentum towards profitable growth in the last quarter,” he said.
Reliance Nippon Life Insurance Company is one of the largest non-bank supported private life insurers with over 10 million policyholders, a strong distribution network of over 725 branches and 59,200 active advisors. The company’s individual claim settlement ratio at 96.5 per cent is amongst the best in the industry.
The digital log-ins for the company stands at 73 per cent as against 50 per cent last year, clearly indicating the heavy digitisation focus.