Reliance Nippon Life Insurance Company (RNLIC) has reported a 30 per cent year-on-year (yoy) increase in net profit at Rs 65 crore in FY22 against Rs 50 crore in FY21.

RNLIC is a 51:49 joint venture between Reliance Capital and Japan’s Nippon Life.

In FY22, total new business premium income increased by 13 per cent yoy to Rs 1,282 crore (Rs 1,135 crore in FY21). The total premium collected was up 6 per cent yoy at Rs 5,037 crore (Rs 4,736 crore).

The 13th month persistency ratio was unchanged at 78 per cent. The Claims Settlement Ratio in FY22 was at 98.7 per cent (98.5 per cent)

“We continue to be fully committed and financially stable at 235 per cent solvency (against the regulatory requirement of 150 per cent), to meet all customer claims that may arise in the times ahead,” said Ashish Vohra, ED & CEO.

Assets under management rose 13 per cent yoy to Rs 27,619 crore as at March-end 2022, against Rs 24,383 crore as at March-end 2021.