Reliance General clocks 113% growth, to reach 500 more cities
Anil Dhirubhai Ambani-promoted Reliance General Insurance Company Ltd on Tuesday posted total premium at Rs 1,946 crore, a growth of 113 per cent over the previous year and announced plan to expand its footprint in another 500 cities in the curren...
By PTI |
NEW DELHI: Anil Dhirubhai Ambani-promoted Reliance General Insurance Company Ltd on Tuesday posted total premium at Rs 1,946 crore, a growth of 113 per cent over the previous year and announced plan to expand its footprint in another 500 cities in the current fiscal.
The company added over Rs 1,000 crore in its total premium against Rs 912 crore last year, Reliance General Insurance said in a release.
With over 100 per cent growth, the company nearly doubled its market share from four per cent to seven per cent.
The industry added premium of Rs 2,824 crore till February of which Reliance General Insurance alone contributed about 36 per cent.
The company during the year added 115 branches in one year and tripled staff strength to 3,000.
"Retail focus to continue aggressively, we will drive deeper distribution - to scale it up to 500 cities next year, tap each each district - within one year," Reliance General Insurance CEO K A Somasekharan said.
During the year, the company issued over 36 lakh policies against 14 lakh policies a year ago.
On the future growth strategy, he said, the company plans to launch various niche products in retail segment particularly health and tap vast unexploited areas in retail space with these products.
Besides, the company has also achieved pan-India ISO certification from the certification audit firm - Det Norske Veritas (DNV).
"With this, RGIC has become the first general insurance company in India across public and private sectors to get pan-India ISO certification without any scope-exclusion" Somasekharan added.
The company added over Rs 1,000 crore in its total premium against Rs 912 crore last year, Reliance General Insurance said in a release.
With over 100 per cent growth, the company nearly doubled its market share from four per cent to seven per cent.
The industry added premium of Rs 2,824 crore till February of which Reliance General Insurance alone contributed about 36 per cent.
The company during the year added 115 branches in one year and tripled staff strength to 3,000.
"Retail focus to continue aggressively, we will drive deeper distribution - to scale it up to 500 cities next year, tap each each district - within one year," Reliance General Insurance CEO K A Somasekharan said.
During the year, the company issued over 36 lakh policies against 14 lakh policies a year ago.
On the future growth strategy, he said, the company plans to launch various niche products in retail segment particularly health and tap vast unexploited areas in retail space with these products.
Besides, the company has also achieved pan-India ISO certification from the certification audit firm - Det Norske Veritas (DNV).
"With this, RGIC has become the first general insurance company in India across public and private sectors to get pan-India ISO certification without any scope-exclusion" Somasekharan added.
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