Reliance Capital's net profit for FY11 decreased 33 per cent to Rs 291 crore (Rs 434 crore) due to a one time provisioning of Rs 184 crore in the general insurance business.

This was made due to a change in provisioning norms for commercial motor third party pool losses by the Insurance Regulatory Development Authority.

Reliance Capital's total income for the year declined 10 per cent year-on-year to Rs 5,498.5 crore (Rs.6140.6 crore).

Reliance Mutual Fund, a group company, saw a 11 per cent year-on-year decrease in average AUM to Rs 1,01,576 crore (Rs 1,14,429 crore). It retained its number one position with respect to market share; the number of folios stood at 73 lakh, over 15 per cent of the total folios in the industry.

The life insurance business saw a marginal decrease of 0.61 per cent in premium at Rs 6,548 crore (Rs 6,588 crore). There was a strong growth in renewal premium at 32 per cent year on year to Rs 3,536 crore (Rs 2,684 crore).

The company has crossed the 50 lakh policy mark showing a year on year growth of 14 per cent. Funds under management in the life insurance business stood at Rs 17,855 crore (Rs 13,661 crore), an increase of 31 per cent.

There was a 48 per cent reduction in capital infusion from Rs 231 crore to Rs 120 crore in the life insurance business during FY11.

The number of branches in the life insurance business stood at 1,248 while number of agents decreased by three per cent from 1.95 lakh to 1.89 lakh.

The broking arm, Reliance Securities, saw a decrease in revenue and profit of 23 per cent and 21 per cent respectively. Turnover stood at Rs 165 crore (Rs 215 crore) and net profit at Rs 22 crore (Rs. 28 crore).

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