Reliance Nippon Life Insurance Company will hire 30,000 agents this year as part of its business expansion plans.

This will take the total number of agents to 1.60 lakh by March 2017 from 1.30 lakh now, its Chief Agency Officer Manoranjan Sahoo told newspersons at a press conference here on Monday.

Double-digit growth

The company, in which Japan’s Nippon has 49 per cent stake, hopes to clock double-digit growth in business. In financial year (2015-16) the company’s total premium income stood at ₹4,370 crore as against ₹4,590 crore in FY15. It posted a ₹200-crore loss on account of higher provisioning.

However, the proposed increase in the number of agents, enhanced focus on traditional products as well as plans to ramp up bancassurance partnerships are expected to drive growth this year, Sahoo said. At present, 80 per cent of the business comes from traditional insurance plans and the rest from unit-linked insurance plans (ULIPs).

Reliance Nippon Life has also lined up three new products for launch. The insurer has 18 products in the market now.

comment COMMENT NOW