Non-life insurer Reliance General Insurance Company Ltd on Friday said it closed the quarter ended September 30, with a net profit of Rs 56 crore. In a statement issued in Mumbai, the company said its gross written premium for the quarter under review was Rs 2,025 crore logging a year-on-year (YoY) growth of 20 per cent.
The profit after tax (PAT) went up to 56 crore, a YoY growth of 20 per cent.
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Reliance General Insurance Company Ltd is a wholly owned subsidiary of Reliance Capital Ltd.
The combined ratio (ratio of total incurred losses and expenses: earned premium) improved from 109 per cent in Q2 FY18 to 106 per cent in Q2 FY19.
The company's investment book increased to Rs 8,650 crore - a YoY increase of 19 per cent.
"The industry will benefit from favourable regulatory enactments such as compulsory long-term insurance for motor vehicles and enhancement in the compulsory personal accident cover. We remain focused on our journey of profitable growth. For Q2, our premium grew by 20 per cent against industry growth of 13 per cent," Rakesh Jain, ED and CEO, was quoted as saying in the statement.