Reliance General aims to double health insurance business in 3-4 years

CEO Rakesh Jain says health segment to rise to 38% of overall portfolio as GST relief boosts demand and retail health gains traction

IndusInd International Holdings Ltd (IIHL)-promoted Reliance General Insurance plans to nearly double its health insurance business over the next three-four years, increasing its share in the overall portfolio from the current 20 per cent to around 38 per cent during this period, with key focus on the retail health segment, said Rakesh Jain, chief executive officer (CEO) of the company, in an interview with Business Standard.

 

“Today, the health portfolio accounts for around 37-38 per cent of the general insurance industry. We are about 20 per cent. We would like to reach the industry levels over the next three-four years. Our retail health is the smallest — because we were not doing retail health a few years back. There was another company, Reliance Health Insurance, which was meant to do that. Now we have started doing retail health, which is a young portfolio for us. That is the one portfolio which has the highest opportunity. The rest of the portfolio will follow in normal course — be it group medical or any other portfolio,” Jain said.

 

 

According to the General Insurance Council data, the company wrote ₹1,593 crore in gross health insurance premium so far in 2025-26 (FY26), which represents nearly 22 per cent of its total portfolio of around ₹6,949.7 crore. Out of this, the retail health insurance accounted for ₹209.42 crore, and group health stood at ₹951.97 crore.

 

Also, after the implementation of nil goods and services tax (GST) rates in individual health and life insurance policies, Reliance General Insurance has seen a lot of increase in enquiries and conversions in health insurance, which is giving an additional boost to the segment. Jain believes that customers will opt for higher sum insured covers when the premiums have dropped.

 

The company intends to grow faster than the industry and to focus on other lines of business apart from health. Side surety, bid bonds, and cyber insurance are some of the other emerging risk categories, which the company wants to increase presence in.

 

Reliance General Insurance raised fresh capital in September 2025 to boost the growth of the company. This is in addition to ₹200 crore infused by IIHL during the acquisition of Reliance Capital.

 

“Policyholders want to believe that the company is strong enough to meet all their obligations. Structurally, we were in a tough spot in the last few years because of the issue at Reliance Capital — nothing to do with Reliance General Insurance. That Reliance Capital takeover by IndusInd International and we becoming a part of Hinduja now erases any kind of apprehensions in the minds of consumers,” Jain said.

 

Furthermore, according to Jain, although the growth in the general insurance industry has been muted in FY25 and in the first half of the current financial year (H1FY26), it is expected to improve in H2FY26, led by the GST relaxations and other innovations by the company.