Reliance General Insurance which is a subsidiary of Reliance Capital has generated profit in the first quarter. The private insurance company has reported a 22% increase in the net profit to about ₹44 crore till the end of June 30. Apparently, it also posted a robust growth of 41% in its gross premium written for the quarter, which stood at ₹1,278 crore.
The investment book of the general insurer increased 22% year-on-year to ₹6,888 crores. The combined ratio, which indicates a non-life insurer’s total outflow on its net earned the premium, stood at 104% in the first quarter of the fiscal year 2018 as compared to 114% in the same period of the previous fiscal year.
Besides, the company is looking to float its initial public offering (IPO) by the end of this financial year. It is also planning to dilute its shareholding by 10% in 2017-18 and by 25% over the next three years.
On the listing plan, Rakesh Jain, CEO of the company said, it is a significant wealth creation opportunity for retail investors and will enable them to participate in this high growth and profitable journey.