Reliance Life new business up two-fold at Rs 514 cr in Q1
New Delhi: Private sector Reliance Life Insurance on Wednesday said its new business premium rose by two fold to Rs 514 crore during the first quarter ended June 30 as against Rs 251 crore in the corresponding quarter a year ago.
The company recorded 48 percent growth in new business (individual) premium at Rs 267 crore in the April-June quarter of 2013-14 as against Rs 181 crore registered in the same period of the previous fiscal, Reliance Life Insurance said in a statement posted on the BSE.
The total premium grew by 12 percent to Rs 914 crore in the first quarter of this fiscal from Rs 815 crore in the same period last year, it said.
The company increased its average ticket size by over 40 percent in the quarter, and touched Rs 20,000 by quarter end.
"We are now amongst the top five private life insurers in the country and hope to further improve our market share in coming quarters," said Reliance Life Insurance CEO Anup Rau said.
"We continue to focus on traditional products and agent productivity. Our product portfolio has undergone a significant and profitable change, with 80 percent of business now coming from traditional products, and only 20 percent from unit-linked products," he said.