Reliance Life Insurance Company (RLIC) plans to double its market share in the entire life insurance business to 10 per cent from the current 5.5 per cent in the next three years, RLIC President and Executive Director Malay Ghosh said here today.
“We hope to achieve an overall premium of Rs 20,000 crore and more than double our assets under management to cross over 30,000 crore in the next two years,” said Ghosh. After SBI life and ICICI Prudential, it claims to be the third largest life insurance company in the private sector.
He also announced they have crossed the six million policies milestone in less than five years. “The company has issued over 2.3 million policies in the last financial year, which is the largest new business addition by the company in any year,” Ghosh said.
“Our rural presence added significantly to this milestone,” he said.
Apart from a healthy mix of unit-linked and traditional products, RLIC plans to focus on evolving health insurance segments in the country.
RLIC has an assets under management of Rs 13,677 crore and a market share of 10.2 per cent among private players. The company operates through a strong distribution network of 1,247 branches with 195,000 agents.
RLIC has a business premium of Rs 6,605 crore. Catering to individual and corporate needs. It is a part of the Reliance Dhirubhai Ambani Group.
There are 23 life insurance companies in the country, after the insurance sector was liberalised a decade ago.
