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| Reliance Life's AUM cross Rs 10,000 cr |
| Press Trust Of India / New Delhi Oct 08, 2009, 00:38 IST |
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Anil Ambani Group firm Reliance Life Insurance said Wednesday its asset under management (AUM) has crossed Rs 10,000 crore and it is aiming for a four-fold rise in the next four years.
“The AUM has crossed Rs 10,000 crore mark in September 09,” said Sam Ghosh CEO Reliance Capital, the holding company of Reliance Life Insurance. The AUM has grown from Rs 300 crore in September 2005 to Rs 10,000 crore, registering a compounded annual growth rate of 240 per cent in the last four years, making it the sixth largest private life insurer in the country, he said.
The company is aiming to position itself among the top- three in the next four years. The private insurer is targeting an AUM of Rs 30,000 crore by 2012 and further to Rs 40,000 crore by 2013. Out of the total assets of Rs 10,000 crore currently, Reliance Life has parked Rs 6,000 crore in the capital market, while the remaining Rs 4,000 crore in debt instruments.
The private player collected Rs 211.69 crore during the month of August. During the first five months of the current fiscal, the first premium income of the company declined by 15 per cent to Rs 947.41 crore against Rs 1,112.61 crore in the same period last year. Ghosh said business is picking up with the economy showing some signs of revival. The trend would see a reversal in the third and fourth quarter with new business growing in double digits. Asked about the break even, he said, the company is trying to achieve the feat by the end of next fiscal. Talking about its health insurance business, he said, it is strengthening its portfolio of health insurance products in the coming months.
“The company will be strengthening the portfolio in the coming months with a basket full of health insurance products total reimbursable health expenses, individual and family floater on both group and individual product platforms, long- term care among others,” he said.
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