Reliance Life Insurance Surpasses 6 Mln Policy Mark In Less Than 5 Years

Reliance Life Insurance Surpasses 6 Mln Policy Mark In Less Than 5 YearsReliance Life Insurance, a part of Anil Dhirubhai Ambani Group, announced that it has surpassed the six million policy mark in less than 5 years.

The company, which is a part of Reliance Capital, hopes to attain an overall premium of Rs 20,000 crore by the next two years.

Malay Ghosh, president of Reliance Life Insurance said, "We clocked over 2.3 million policies in a single year (2009-10), the highest by the company in any one year. We hope to achieve an overall premium of Rs 20,000 crore and more than double our assets under management to over Rs 30,000 crore in the next two fiscal."

Presently, Reliance Life Insurance has AUM worth Rs 13, 677 crore and a market share of 10.2% amongst private life insurers (as on March 31, 2010).

The company is eyeing a 10% overall market share by 2013 and eyes to concentrate on the health insurance sector as well.

"Health insurance sector offers sizeable growth opportunity. We are strengthening our health insurance portfolio with innovative products that include total reimbursable health expenses, individual and family floater on both group and individual product platforms," Ghosh added. (With Inputs from Agencies)