New Delhi: Reliance Life Insurance is targeting over 25 percent growth in its new business premium at Rs 2,300 crore in the current fiscal, according to a senior official.
The company expects new business premium of Rs 2,300 crore in 2012-13, as against Rs 1,809 crore collected in the last fiscal.
"We are hopeful that our new business premium will grow more than 25 percent by the end of the current financial year," said Reliance Life Insurance President and Executive Director Malay Ghosh.
To achieve its business targets, the company is expanding its reach by employing 50,000 advisors and focusing on Tier II and III cities with a wide range of product and services during 2012-13, he said.
Reliance Life, however, is eyeing a marginal growth in the renewal premium to Rs 3,800 crore this fiscal from Rs 3,688 crore in 2011-12.
The Anil Ambani-led Reliance Life is aiming at collecting over Rs 6,000 crore premium by this financial year, as against a total premium of Rs 5,497 crore in the previous fiscal 2011-22.
Ghosh said the company is confident of growing over 10 percent in 2012-13.
"I believe that there is still tremendous untapped potential in the country to ensure long-term growth of the domestic insurance industry," he said.
The company has registered a total premium collection of Rs 810 crore during the April-June quarter 2012 and it expects premium income to grow further in the next three quarters of the current fiscal.
He said the premium income is being largely driven by traditional products, rather than unit-linked plans.