Reliance General Insurance gets Irda nod for IPO

Reliance General Insurance Company, a 100 per cent subsidiary of Reliance Capital Limited, today received in-principle approval from Insurance Regulatory and Development Authority of India for the process of its proposed IPO, becoming second private sector general insurance company to list.

The company is looking to list in FY18. ICICI Lombard is likely to list this financial year as well.

It had reported 41 per cent growth in the last financial year with gross direct premium stood at Rs 3,935 crore in the year ended March 31, 2017. RGI provides a wide range of general insurance products like fire, motor, health, home, crop, travel etc.

The company reported profit before tax of Rs 130 crore. It's investment book stood at Rs. 6,724 crore, up 25 per cent for the year ending 31st March, 2017.