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Reliance General Insurance Co. Ltd. has reported a 25 per cent growth in its net profits to ₹60 crore during the quarter ending December 31, 2022 compared to ₹48 crore in the corresponding period previous year.
During the nine months ended December 31, 2022, the company has posted a Gross Written Premium of ₹8,208 crore, up by ₹914 crore from the corresponding period previous year.
The company has grown Gross Written Premium by 13 per cent on Y-o-Y basis to ₹8,208 crore for 9M FY23 as against ₹7,294 crore for corresponding period 9M FY22.
Also read: Reliance Retail to bring first GAP store in Mumbai
Reliance General has grown its Investments Assets at 20 per cent to ₹16,581 crore for 9M FY23 as against ₹13,861 crore for corresponding period 9M FY22. The company is operating at 6.6 times the Investment AUM/Net Worth Ratio, which is one of the best in the industry and shows a strong cash accrual.
‘For the past many years, the Company is reinvesting the Annual bottom-line in growing the business and maintaining solvency over the Regulatory limits. The latest solvency position as on 31st December 2022 stands at 1.59 times indicating sufficient buffer over its Policyholder liabilities There is no challenge to the company to grow at the past growth rates due to strong internal accruals and existing capital,” said a company statement.
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