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Reliance Nippon Life Q2 net premium at Rs 963 cr

The present value of the future business on Sep 30 touched Rs 3,147 cr up from Rs 3,047 cr

IANS  |  Mumbai 

Reliance Nippon Life Insurance (Photo: Wikimedia Commons)Reliance Nippon Life Insurance (Photo: Wikimedia Commons)
Reliance Nippon Life Insurance (Photo: Wikimedia Commons)

Private life insurer Nippon Life Co Ltd on Tuesday said it closed the second quarter of the current fiscal with a net of Rs 963 crore.

A Nippon Life statement said it earned a net of Rs 963 crore for the quarter ended on September 30 and its embedded value (present value of the future business) on that date touched Rs 3,147 crore, up from Rs 3,047 crore.

According to the company, the average ticket size improved to over Rs 34,000 during the second quarter, an year-on-year improvement of 33 per cent.

"We have achieved significant progress across business parameters in this fiscal, driven by robust strategy and strong execution capabilities. Our focus continues towards building a profitable and customer centric growth story, driven by higher agency productivity and a favourable product mix," Ashish Vohra, Executive Director and CEO, said in the statement.

The company's 13-month persistency rose from 61 per cent to 68 per cent in the second quarter of the current fiscal.

The life insurer's individual new business went up by 3 per cent during the period under review at Rs 169 crore, the statement said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, October 24 2017. 14:52 IST
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