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Reliance General Insurance, on Friday, posted a 20 per cent increase in its second quarter profit at ₹56 crore.
Its gross written premium also grew by a similar 20 per cent (year-on-year) at ₹2,025 crore in the quarter ended September 30, 2018.
“The industry will benefit from favourable regulatory enactments such as compulsory long-term insurance for motor vehicles and enhancement in the compulsory personal accident cover,” said Rakesh Jain, Executive Director and CEO, Reliance General Insurance Company, adding that the premium growth of 20 per cent was higher than the industry growth of 13 per cent in the second quarter of the fiscal.
For the July to September quarter this fiscal, the insurer reported an improvement in its combined ratio improved to 106 per cent from 109 per cent a year ago. Its investment book also increased by 19 per cent on an annual basis at ₹8,650 crore.
The company also reported a marginal increase in its market share at 4.5 per cent in the second quarter this fiscal from 4.3 per cent a year ago.
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