Reliance Life Insurance has reported a 339 per cent increase in net profit for the quarter ended September 30, 2013 at Rs 136 crore (Rs 31 crore).
The private life insurer has recorded a 59 per cent increase in new business premium for the quarter under review at Rs 509 crore (Rs 321 crore).
“We posted a healthy growth in our new business premium collections in the second quarter mainly because of increased sales manager and advisor productivity and improved quality of business”, Anup Rau, Chief Executive Officer, Reliance Life Insurance, said.
This also helped increase the company’s total new premium collections by 7 per cent to Rs 1,007 crore.
“We will continue to drive growth in the next quarter with a focus on increased sale of traditional plans and agent productivity,’’ Rau said.
Average ticket size
The company also said its average ticket size per policy has increased significantly.
Reliance Life has an average ticket size of nearly Rs 19,500 per policy compared to about Rs 12,000 in the past.
Product portfolio
This private life insurer’s product portfolio has undergone a significant and profitable change, with 80 per cent of business now coming from traditional products, and only 20 per cent from unit-linked products.
Reliance Life had reported its first full-year net profit (Rs 373 crore) for the financial year ended March 31, 2012.
The first-ever quarterly profit was recorded during the April-June quarter of 2011.