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 INR150 billion (US$2.5 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 31 March 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[edit]

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[edit]

As of 31 March 2013, the Total Premium (net of re-insurance) was Rs. 40.15 billion, whereas new business premium stood at Rs. 13.77 billion. The company achieved a profit of Rs. 3.80 billion. The company sold 760,000 policies during 2012–13 with total managed funds valuing to Rs. 181.89 billion, through a wide network of distribution with 1,230 offices and over 124,000 advisors.

Reliance Life Insurance is a part of Reliance Capital of the Reliance Anil Dhirubhai Ambani Group. Reliance Capital is one of India's leading private sector financial services companies, and ranks among the top private sector financial services and non-banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services. Reliance Group also has presence in Communications, Energy, Natural Resources, Media, Entertainment, Healthcare and Infrastructure. Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effective October 7, 2011 subsequent to receipt of all regulatory approval. Nippon Life Insurance (26% share), also called Nissay, is Japan's largest private life insurer with revenues of Rs. 346,834 crore (US$ 80 Billion) and profits of over Rs. 12,199 crore (US$ 3 billion). The Company has over 14 million policies in Japan, offers a wide range of products, including individual and group life and annuity policies through various distribution channels and mainly uses face-to-face sales channel for its traditional insurance products. The company primarily operated in Japan, North America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 81st in Global Fortune 500 firms in 2011.[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[edit]

  • 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[edit]

[1]

External links[edit]