Tuesday, Mar 19 2024 | Time 15:24 Hrs(IST)
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Business Economy


Reliance Nippon Life Q2 individual new business up by 3 percent

Mumbai, Oct 24 (UNI)Private life insurance company Reliance Nippon Life Insurance a subsidiary of Reliance Capital) reported a rise of 3 percent in its individual new business premium for the quarter ended September 30, 2017 compared to a year ago.
The insurer collected Rs 169 crore as individual new business premium while the renewal premium went up at 3 percent and stood at Rs 762 crore.
The company’s assets under management stood at Rs 17,893 crore at the end of Q2 FY18, which was up by 11 percent compared to the same period last financial year. The embedded value stood at Rs 3,147
crore.
In terms of persistency or the rate of renewal of the policies, the insurer’s 13th month persistency rose to 68 percent in Q2 FY18 from 61 percent in Q2 FY17.
At the end of Q2, the insurer had 750 branches and 69,400 active advisors across India. They have the highest number of individual insurance agents among private life insurers.
''We have achieved significant progress across business parameters in this fiscal, driven by robust strategy and strong execution capabilities. Our focus continues towards building a profitable and customer centric growth story, driven by higher agency productivity and a favourable product mix'', said Ashish Vohra, ED & CEO,
Reliance Nippon Life Insurance.
UNI JS AW1507
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