Reliance General Q1 gross written premium up 25% at Rs 706 crore

MUMBAI: Reliance General Insurance has posted 25 per cent increase in gross written premium to Rs 706 crore in the first quarter of the current fiscal.

The April-June period was also the third consecutive quarter of profitability for the private general insurer, the company today said in a release here.

As per the insurer, it witnessed a sound growth of 110 per cent in premium in the health insurance segment to Rs 169 crore in the April-June period as against Rs 81 crore in the corresponding quarter of the previous fiscal.

"Our strategy to change business and product mix, optimise use of technology, manage costs and expand our retail agent base has helped us achieve a significant turnaround in performance," Chief Executive Officer of Reliance General Insurance Rakesh Jain said.

He said the company is focusing on non-motor insurance segment, individual agency and online channels to drive growth and reducing dependence on motor insurance segment.

The company said it had increased the agency force by 14 per cent to 11,500 by the end of first quarter and was aiming for a total of 15,000 retail agents by end of FY14.

The private insurer has started covering kharif crops in three states under its crop insurance scheme, the release added.

Reliance General Insurance, which offers auto, health, property, travel, marine and commercial insurance products among others, is a part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital.

The private general insurer had clocked a premium growth of 17.37 per cent to Rs 2,010 crore by the end of last financial year (FY13).