Reliance Life Insurance

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Reliance Life Insurance Company Limited
Type Private limited company
Industry Life insurance
Headquarters Navi Mumbai(New Mumbai), India
Key people Anup Rau, CEO
Products Individual and Group Insurance Plans
Total assets INR15000 crore (US$2.4 billion)[1]
Website http://www.reliancelife.com

Reliance Life Insurance Company (RLIC) is amongst the leading private sector life insurance companies in terms of new business premium with a market share of 5% of the private sector life insurance industry in India. The company has over 7 million policy holders and a distribution network of close to 1,230 branches with over 124,000 agents as of March 31, 2013. the firm offers life insurance products targeted at individuals and groups, catering to four distinct segments: protection, children, retirement and investment plans.[citation needed]

History

2001 AMP Sanmar Life Insurance Company was formed
2002 AMP gets IRDA approval to commence business
2005 Reliance Life Insurance takes over AMP Sanmar
2006 Name changed to Reliance Life Insurance Co. Ltd.
2007 ISO 9001:2000 Certification
2008 Becomes 4th largest private insurer
2010 Becomes the largest private insurer in number of policies
2011 Nippon Life signs definitive agreement to acquire 26% of the company.[2]

[3] [4]

Description

As of March 31, 2013, the Total Premium (net of re-insurance) was Rs. 4,015 crores, whereas new business premium stood at Rs. 1,377 crores. The company achieved a profit of Rs. 380 crores. The company sold 7.6 lakh policies during 2012–13 with total managed funds valuing to Rs. 18,189 crores, through a wide network of distribution with 1,230 offices and over 1,24,000 advisors.[5] [6] [7]

Rated amongst the Top 3 Most Trusted Service Brands in the Insurance Category,.[8] The firm is a part of Reliance Capital of the Reliance Anil Dhirubhai Ambani Group.

Achievements

  • Winner of “Best Non-Urban Coverage” Award at Indian Insurance Awards 2011
  • RLIC’s Boundaries for Books Campaign won the 'Silver' at the Indian Digital Media Awards (IDMA) 2012, under Best Integrated Campaign – Social Cause and Best Use of Social Network – Social Cause

References

  1. ↑ "Reliance Life Insurance assets cross Rs 15,000 crore". Hindustan Times. 2010-08-23. Retrieved 2010-12-21. 
  2. ↑ http://articles.economictimes.indiatimes.com/2011-08-17/news/29896522_1_insurance-act-reliance-life-insurance-irda-chairman
  3. ↑ http://www.business-standard.com/article/companies/reliance-capital-completes-mf-stake-sale-to-nippon-life-112081700109_1.html
  4. ↑ http://www.thehindu.com/business/companies/nippon-life-to-buy-26-in-reliance-life/article1537652.ece
  5. ↑ http://www.slideshare.net/abhineetpsingh/about-reliance-life-insurance
  6. ↑ http://www.4-traders.com/RELIANCE-CAPITAL-LIMITED-9058959/news/Reliance-Capital-Limited-Reliance-Capital-announces-results-for-year-ended-March-31-2013-16866779/
  7. ↑ http://www.indiainfoline.com/Markets/News/Reliance-Capital-FY13-net-profit-at-Rs8120mn/5683843781
  8. ↑ http://economictimes.indiatimes.com/lic-retains-number-1-spot-in-life-insurance-category/articleshow/10128408.cms

External links

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