Financial services group Reliance Capital,
a unit of Indian conglomerate Reliance-Anil Dhirubhai Ambani Group,
is to reduce its stake in its wholly-owned life insurance
subsidiary Reliance Life Insurance (RLI) by 26 percent, according
to numerous reports in India’s media.
The reduction, indicate the reports, could
possibly come by way of the introduction of a foreign partner or an
initial public offer aimed at raising up to $200 million in new
capital.
Go deeper with GlobalData
Launched in 2003, RLI has since proved to be
one of India’s private insurer success stories particularly in a
market where it is unique in not having a foreign insurance
partner.
Reflecting this success, in its financial year
ended 31 March 2009 Reliance Capital reported that RLI had achieved
new business premium income of $547 million, up 28 percent compared
with the previous financial year.
RLI’s premium income growth in the 2008/09
financial year came against the background of the Indian life
industry’s 6.3 percent fall in new premium income to $19 billion,
and saw RLI increase its share of the private sector life insurance
market from 8.1 percent to 10.3 percent.
In the private life sector RLI ranked fourth
in 2008 behind ICICI Prudential (21 percent share), SBI Life (15
percent) and Bajaj Allianz (13 percent).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDuring the financial year Reliance Capital
injected additional capital of $268 million into RLI, doubling its
total capital to $538 million.
RLI’s product distribution relies on its
branch network which was increased from 745 to 1,145 during the
2008/09 financial year and a tied agency force which fell from
184,233 to 149,613.
The decline in the agency force reflected a
focus on enhanced productivity, note Reliance Capital.
Financial services group Reliance Capital,
a unit of Indian conglomerate Reliance-Anil Dhirubhai Ambani Group,
is to reduce its stake in its wholly-owned life insurance
subsidiary Reliance Life Insurance (RLI) by 26 percent, according
to numerous reports in India’s media.
The reduction, indicate the reports, could
possibly come by way of the introduction of a foreign partner or an
initial public offer aimed at raising up to $200 million in new
capital.
Launched in 2003, RLI has since proved to be
one of India’s private insurer success stories particularly in a
market where it is unique in not having a foreign insurance
partner.
Reflecting this success, in its financial year
ended 31 March 2009 Reliance Capital reported that RLI had achieved
new business premium income of $547 million, up 28 percent compared
with the previous financial year.
RLI’s premium income growth in the 2008/09
financial year came against the background of the Indian life
industry’s 6.3 percent fall in new premium income to $19 billion,
and saw RLI increase its share of the private sector life insurance
market from 8.1 percent to 10.3 percent.
In the private life sector RLI ranked fourth
in 2008 behind ICICI Prudential (21 percent share), SBI Life (15
percent) and Bajaj Allianz (13 percent).
During the financial year Reliance Capital
injected additional capital of $268 million into RLI, doubling its
total capital to $538 million.
RLI’s product distribution relies on its
branch network which was increased from 745 to 1,145 during the
2008/09 financial year and a tied agency force which fell from
184,233 to 149,613.
The decline in the agency force reflected a
focus on enhanced productivity, note Reliance Capital.
