Reliance Life Insurance (RLI) made a profit of INR310m ($5.64m) in Q3 2012, an increase of 276% over the previous quarter.
RLI’s total premium, net of reinsurance, was $182.2m for Q3 2012 compared to $149m in Q2 this year.
RLI’s total funds under management, as at 30 September 2012, stood at $3.5bn, compared to $3.3bn for Q2 2012.
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In August 2012, Life Insurance International reported that Japan’s Nippon Life had completed the transaction to acquire a 26 per cent stake – valued at INR 14.5bn ($261m) – in India’s Reliance Capital Asset Management (RCAM).
As part of the transaction, Yutaka Ideguchi, general manager of the international planning and operations department at Nippon Life has been inducted as a non executive director of RCAM.
RLI’s distribution network stood at 1,230 offices and it had approximately 116,000 agents as of 30 September 2012.
By comparison, RLI had approximately 120,000 agents as of 30 June 2012.
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