Reliance General Insurance PAT for FY 17 rises 32%

MUMBAI: Reliance General Insurance today reported 32% increase in profit before tax for the financial year 2016-17 after providing for reserves.

During the year, the company reported net profit before tax of Rs 130 crore after provisioning for incurred but not reported reserves.

The total gross written premium was up 40% to Rs 4,007 crore.

The company said its profit before tax was at Rs 302 crore before additional provisioning for Incurred But Not Reported (IBNR) reserves proposed by an external panel actuary.

Return on Equity (RoE) improved from 9% to Rs 11% during the same period.

The company's Investment book grew 25% on a year on year basis to Rs 6,724 crore at the end of the year.