About Reliance General Insurance

Company Overview:

Reliance General Insurance Company Limited (RGICL) is a leading general insurance provider in India, offering a wide range of insurance products including motor, health, travel, home, and marine insurance. The company serves a diverse customer base, including individuals, corporates, and small and medium enterprises (SMEs), through a network of 131 offices and over 90,000 intermediaries across India.

Financial Performance

In the financial year 2022-23, RGICL achieved significant milestones in its growth journey:

a) Gross Written Premium (GWP): Increased from ₹9,504.86 crore in FY 2021-22 to ₹10,489.23 crore in FY 2022-23, marking a growth of 10.36%.

b) Net Earned Premium: Rose from ₹5,133.80 crore in FY 2021-22 to ₹6,022.42 crore in FY 2022-23.

c) Profit Before Tax (PBT): Increased by 9.02% to ₹415.18 crore in FY 2022-23 from ₹380.83 crore in the previous year.

d) Profit After Tax (PAT): Grew to ₹270.69 crore in FY 2022-23 from ₹242.28 crore in FY 2021-22.

e) Investment Assets Under Management (AUM): Expanded to ₹16,935 crore in FY 2022-23 from ₹14,525 crore in FY 2021-22.

Growth and Innovation

RGICL has consistently focused on innovation and customer-centricity, leveraging technology to enhance its product offerings and customer service. The company has integrated advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and data automation to streamline processes and improve efficiency. Key initiatives include:

1. Digital Transformation: Investment in digital capabilities to offer personalized insurance solutions and improve customer experience.
2. Innovative Products: Launch of unique products such as India's first over-the-counter health and home insurance policies.
3. Customer-Centric Approach: High claim settlement ratio, with 98.75% of claims settled within three months during FY 2021-22.

Strategic Focus

RGICL's strategic focus includes expanding its market presence, enhancing operational efficiency, and maintaining a disciplined approach to risk management. The company aims to capitalize on the growing awareness and demand for insurance in India, driven by economic growth and favorable regulatory reforms.

In summary, Reliance General Insurance Company Limited has demonstrated robust financial growth and a commitment to innovation and customer satisfaction. The company's proactive approach to leveraging technology and its strong financial performance position it well for continued success in the evolving insurance landscape in India.

Company’s Products and Services:

Reliance General Insurance Company Limited (RGICL) offers a wide range of insurance products and services. The primary products of the company include:

a) Motor Insurance: Policies covering cars, two-wheelers, and commercial vehicles, offering protection against damages and liabilities.

b) Health Insurance: Plans that cover medical expenses, hospitalization costs, and critical illnesses, providing financial security during health emergencies.

c) Travel Insurance: Coverage for unexpected events during travel, such as trip cancellations, medical emergencies, and loss of baggage.

d) Home Insurance: Policies that protect against damages to homes and personal property from risks like fire, theft, and natural disasters.

e) Marine Insurance: Insurance for goods in transit, protecting against risks associated with shipping by sea, air, or land.

f) Corporate Insurance: Solutions for businesses, including liability insurance, property insurance, and employee benefit plans.

g) Government Business: Participation in government-sponsored insurance schemes such as crop insurance and mass health insurance programs.

h) Innovative Products: The company also offers unique products like India's first over-the-counter health and home insurance policies, leveraging technology for enhanced customer experience.

RGICL emphasizes customer-centricity, technology adoption, and innovation in its offerings, aiming to provide comprehensive and customized insurance solutions to meet the diverse needs of its customers.

Key Managerial Persons:

The Key Managerial Personnel (KMP) of Reliance General Insurance Company Limited as per the 2022-23 annual report are:

a) Mr. Rajendra Chitale: Chairman & Director

b) Dr. Thomas Mathew: Director

c) Mrs. Chhaya Virani: Director

Shareholding Pattern:

The shareholding pattern of Reliance General Insurance Company Limited as of the financial year ended March 31, 2023, is structured primarily between its holding company and other entities. The details are as follows:

Shareholding Distribution:

1. Holding Company (Indian):
2. Reliance Capital Limited: Holds the majority stake with 25,15,49,920 shares.
3. Percentage of Total Holding: 99.79%
4. Others:
5. Foreign Investors: Comprise a small portion of the total shares.
6. Employees: Hold a minor stake.
7. Total Shares Held by Others: 5,17,997 shares.
8. Percentage of Total Holding by Others: 0.21%

Total Share Capital

1. Total Issued Shares: 25,20,67,917 equity shares of ₹10 each.