Reliance Life Insurance Company (RLIC) has reported a net profit of Rs 380 crore for the financial year ended March 31, 2013. This is marginally higher than the Rs 373 crore recorded in 2011-12, the first time when it made full-year profits.
This is the second financial year in a row the life insurer has reported full-year profits.
Total premium (net of reinsurance) for the financial year ended March 2013 was Rs 4,015 crore, lower than Rs 5,498 crore in the previous year.
“We have maintained profitability for the second year in a row with focus on traditional products, productive agents and improved customer service. We have started this year well and hope to continue our growth trajectory through the fiscal,” Anup Rau, CEO, Reliance Life, said in a statement.
Reliance Life expects a 10 per cent growth in total premium income on the back of growth in regular premium policies and better policy renewals.
The company expects higher profits this fiscal on the back of increased focus on traditional policies.
As much as 80 per cent of its business currently comes from traditional products and the rest from unit-linked products.
The total funds under management as on end-March 2013 stood at Rs 18,189 crore.
Nippon Life, Asia’s largest private life insurer, holds a 26 per cent stake in Reliance Life.