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Reliance Life Insurance Company has registered a 100 per cent increase in its new business premium for the first quarter this fiscal at Rs 514 crore (Rs 251 crore). Agency productivity, which had gone up 50 per cent for the quarter under review, is the main factor behind this performance.
The company recorded a 48 per cent increase in new business (individual) premium at Rs 287 crore (Rs 181 crore) for the quarter under review.
“Reliance Life Insurance has topped the list amongst non-bank-promoted private life insurers in total new business premium during the first quarter.
“We are now amongst the top five private life insurers in the country, and hope to further improve our market share in the coming quarters,” Anup Rau, CEO, Reliance Life Insurance, said in a statement.
In April-June 2013, Reliance Life’s total premium grew 12 per cent to Rs 914 crore (Rs 815 crore). This company is part of Reliance Capital, a diversified financial services company.
“We continue to focus on traditional products and agent productivity. Our 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,” Rau said.
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