Reliance Life Insurance reports Rs 373 cr profit

Reliance Life Insurance Company, part of Anil Ambani group, has reported first full-year net profit at Rs 373 crore for the fiscal ending March 31, 2012.

 

In 2010-11, the company had net loss of Rs 129 crore, Reliance Capital informed the stock exchanges.

Reliance Life Insurance, which sold 1.1 million policies in FY’12, garnered a total premium of Rs 5,470 crore last fiscal.

The company’s total funds under management stood at Rs 18,767 crore as on March 31, 2012.

The number of agents as on March 31, 2012 were 1.5 lakh, a decline of 20 per cent year-on year. This was in line with the focus on productivity and performance of agents.

However, Reliance General Insurance (RGI) has registered a loss of 342 crore during the period under review “mainly on account of strengthening the third part motor claim reserves”.

RGI’s gross written premium for the FY’12 rose to Rs 1,713 crore from Rs 1,655 crore in the previous fiscal.

Besides, the mutual fund business — Reliance Capital Asset Management (RCAM) — registered a profit before tax of Rs 308 crore for the year ended March 31, 2012, an increase of five per cent from the previous fiscal.

However, RCAM’s income from operations declined to Rs 665 crore as against Rs 733 crore.

For the full year ending March 2012, Reliance Capital reported a consolidated net profit of Rs 458 crore, a jump of 57 per cent from last year.

During the fourth quarter, Rel Cap posted a consolidated net profit of Rs 329.32 crore, as against net loss of Rs 6.46 crore in the corresponding period of the previous fiscal.

The profit was driven by sale of stake in the life insurance business, profits in mutual funds and life insurance businesses and robust growth in commercial finance operation.

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