NEW DELHI, Oct 26: Reliance General Insurance Company (RGI) Friday reported 20 per cent rise in profit at Rs 56 crore for the second quarter ended September 30, 2018.
Gross written premium too surged 20 per cent to Rs 2,025 crore during the quarter, it said in a statement.
RGI said its market share in the general insurance business rose to 4.5 per cent from 4.3 per cent in the second quarter of 2017-18.
Combined ratio improved to 106 per cent in the reported quarter from 109 per cent in the year-ago period, it added.
“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 focussed on our journey of profitable growth. For the second quarter this fiscal, our premium grew 20 per cent against industry growth of 13 per cent,” RGI ED & CEO Rakesh Jain said.
RGI, a wholly-owned subsidiary of Reliance Capital, offers insurance solutions for motor, health, home, property, travel, marine and other speciality products.
It had a distribution network of 130 branches and nearly 29,000 agents across the country as on September 30, 2018. (PTI)
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