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Private life insurer Reliance Life Insurance recorded a 40% rise in its new business premium income in the financial year ended March 31, 2014. Due to an increase in its individual insurance segment, Reliance Life saw its new business premium collection rising to Rs 1,934 crore during by the end of 2013-14, from Rs 1,377 crore in the year-ago period.
Reliance Life registered a rise of 6% in its total premium income, comprising new business and renewal premium collections, to Rs 4,283 crore in the financial year ended March 31, 2014, from Rs 4,045 crore in 2012-13.
"Despite the challenging market conditions, we registered a strong growth of 40% in the new business premium income and posted a substantial 6% rise in our total premium collection in FY14. The growth has been driven a significant improvement in agent productivity and average ticket size in the last financial year. This led to a profitable growth for the company," Reliance Life Insurance CEO Anup Rau said.
He said the average ticket premium size of Reliance Life improved by 49% year-on-year to over Rs 19,000, while its agent productivity grew by 56% in the last financial year.
Reliance Life posted a profit of Rs 359 crore for the financial year. The new business achieved profit (NBAP) margin for the year ended March 31, 2014 rose to 23.8% as against 20.2% for the corresponding previous period.
