|New Delhi - 13/08/2012
Source: Financial Chronicle
Reliance Life Insurance has recorded a whopping 140 percent jump in the first quarter net profit to Rs 19 crore in the current financial year. In the three-month period ended June 30, 2012, the company recorded a net profit of Rs 19 crore, as against Rs 8 crore in the year-ago quarter. Reliance Life is part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital Ltd. Reliance Life's total premium (net of reinsurance) in the last quarter was Rs 810 crore, while total funds under management stood at Rs 18,586 crore as on June 30, 2012, its parent company said, while announcing its quarterly results. Reliance Life recorded its first full-year net profit at Rs 373 crore for the fiscal ended March 31, 2012. It had sold over one million policies in 2011-12 and garnered a total premium of Rs 5,498 crore in that year. The total number of insurance agents at Reliance Life stood at about 1.2 lakh, a decline of one-third from the year-ago levels, as part of the company's focus on improving productivity and performance of agents. While state-run LIC is the country's largest life insurer overall, Reliance Life Insurance has been the largest private life insurance company in terms of number of policies (over nine million) for two consecutive years as on March 31, 2012.