Reliance Nippon Life Insurance Q2 premium rises 8% to Rs 10.42 billion

Reliance Nippon Life Insurance Company Monday said its total premium grew by eight per cent to Rs 10.42 billion (Rs 1,042 crore) in the July-September quarter compared to the year-ago period.

The company said it had assets under management of Rs 196.12 billion (Rs 19,612 crore) as on September 30 this year, up by nine per cent from the same period a year ago.

Its renewal premium during the period under review rose four per cent to Rs 7.92 billion (Rs 792 crore).

Its individual WRP (weighted received premium) grew 35 per cent year-on-year to Rs 2.22 billion (Rs 222 crore).

The company said business made a marginal profit in the second quarter of this fiscal as against a loss in the corresponding period a year ago.

"Several of our digital-led initiatives from the last year are now showing positive momentum with a sharp rise in Individual WRP and constantly improving 13th month persistency. Our objective is to continue being invested in digital, while maximising value for our customers, distributors and employees," said Ashish Vohra, ED and CEO, Reliance Nippon Life Insurance.