Updated Trends: Reliance Life Insurance Plans To Grow Almost Double In Next 3 Years
Part of Anil Dhirubhai Ambani Group, Reliance Life Insurance Company (RLIC), has set a vision for themselves in the next three years.
Malay Ghosh, RLIC President and Executive Director, said that they are planning to double its market share in the entire life insurance segment to 10 per cent from the current 5.5 per cent.
Malay Ghosh said,
“We hope to achieve an overall premium of Rs 20,000 crore and more than double our assets under management to cross over 30,000 crore in the next two years.”
He further said, “The Company has issued over 2.3 million policies in the last financial year, which is the largest new business addition by the company in any year,”
He also declared that they have surpassed the six million policies target within five years.
“Our rural presence added significantly to this milestone,” he added.
RLIC strategy is to focus on growing health insurance section in the country, apart from existing unit-linked and traditional products.
RLIC manages an asset of Rs 13,677 crore and a market share of 10.2 per cent among other private players.
RLIC claims itself to be the third largest life insurance company in the private sector. It is after SBI life and ICICI Prudential.
The Inc. operates through a huge distribution set-up of 1,247 branches with 195,000 agents.
The company has a business premium of Rs 6,605 crore.
After the liberalization of insurance sector, Indian has 23 insurance companies.