Reliance General income up 419%

Reliance General Insurance has achieved a new business premium of Rs 520 crore in April to November 2006 compared with Rs 100 crore in the year-ago period, a growth of 419 per cent.

In November, the general insurance sector recorded a growth of 30 per cent to Rs 2021 crore, while private sector players registered a growth of 66 per cent to Rs 706 crore.

The private sector's share grew from 27 percent to 35 per cent during the month, while public sector peers lost share from 73 percent to 65 per cent. The industry, in general, saw incremental new business of Rs 466 crore.

Reliance General Insurance cornered 14 per cent new business in the sector, while the private sector cornered 60 per cent share in this new incremental business (of Rs 466 crore). Reliance General Insurance cornered 23 per cent of this new business within the private sector.

For April to November 2006, the general insurance sector grew by 24 per cent to Rs 16970 crore. The private sector grew by 62 per cent to Rs 5813 crore. Reliance General grew by 419 per cent to Rs 521 crore. The private sector players increased their market share from 26 per cent to 34 per cent.

The industry added incremental business of Rs 3255 crore, of which Reliance cornered 13 per cent. The private sector players gained 69 per cent share in this new incremental business of Rs 3255 crore, of which Reliance cornered 19 per cent.