Reliance Life Insurance has recorded a 40 per cent increase in new business premium in 2013-14 at ₹1,934 crore (₹1,377 crore), its Chief Executive Officer, Anup Rau, has said.
This growth percentage was significantly higher than the industry average of 11.6 per cent growth in 2013-14.
“Despite the challenging market conditions, we registered a strong growth of 40 per cent in new business premium income and posted a substantial 6 per cent rise in our total premium collection in FY'14.
The growth has been driven by a significant improvement in agent productivity and average ticket size in the last financial year. This led to a profitable growth for the company,” Anup Rau said in a statement.
For the financial year 2013-14, Reliance Life’s total income grew 6 per cent to ₹ 4,283 crore (₹ 4,045 crore).
The average ticket premium size saw a 49 per cent increase to ₹ 19,000
For the financial year ended March 2014, this private life insurer had recorded a net profit of ₹ 359 crore, down from ₹ 380 crore in the previous fiscal.
This is the third year in a row that the company has made profit.
New business achieved profit (NBAP) margin for the year ended March 31, 2014 went up to 23.8 per cent from 20.2 per cent in the previous fiscal.