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Financial sector conglomerate Reliance Capital on Thursday reported an increase of 23 per cent in its first quarter net profit at ₹164 crore, helped by growth in general insurance and asset management businesses.
The company’s consolidated net profit rose to ₹164 crore in the quarter ended June 30, 2014, from ₹133 crore in the year-ago quarter.
Total income also increased by 11 per cent from ₹1,938 crore to ₹2,144 crore in the same period for Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group.
General insurance Among various segments, the general insurance business recorded a growth of 138 per cent in its net profit to ₹24 crore in the first quarter of 2014-15, while life insurance net profit stood at ₹34 crore.
The consumer finance unit posted a profit of ₹84 crore, while Reliance Capital Asset Management Company saw its profit rise by 15 per cent to ₹89 crore.
The average asset under management of Reliance Mutual Fund also rose by 15 per cent to ₹1,12,914 crore.
Across mutual fund, pension funds, managed accounts and offshore funds, Reliance Capital Asset Management managed funds totalling over ₹2.05 lakh crore as on June 30, 2014.
RCAM’s income from operations stood at ₹207 crore.
Reliance Capital further said that its life insurance unit, Reliance Life Insurance, commanded a market share of 10 per cent in private sector life insurance market and its new business premium for the quarter rose by 8 per cent to ₹554 crore.
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