Reliance General Insurance Company plans IPO

The Board of Directors of Reliance General Insurance Company Ltd (RGI), a 100% subsidiary of Reliance Capital Limited, on Monday approved a proposal to independently list the Company on the stock exchanges. The independent listing of Reliance General Insurance Company Limited is expected to unlock substantial value for all stakeholders.

Listing of RGI to be completed by FY18, subject to necessary shareholders, regulatory and other approvals. “The General Insurance industry is slated to grow with the economy where affluence led consumption will act as its primary growth driver. The coming years are likely to witness a double digit growth in the sector largely due to disproportionately low penetration of insurance. Reliance General Insurance is well positioned to capitalize on opportunities across Retail, Corporate and Government supported consumer segments. The listing will enable retail investors to participate in this high growth and new

wealth creation opportunity.” said Rakesh Jain, Executive Director and CEO, Reliance General Insurance. RGI provides a wide range of general insurance products like fire, motor, health, home, crop, travel etc. The Company outperformed industry growth rate of 30% and grew by 40% in FY17. RGI’s gross written premium stood at Rs. 4007 crore registering a growth of 40% as on 31st March, 2017. The Profit Before Tax stood at Rs. 130 crore, up 32%,while the investment book stood at Rs.6,724 crore, up 25% for the year ending 31st March, 2017. The Company has a diversified distribution network through strong partnerships with major banks, including IndusInd Bank, Catholic Syrian Bank, Andhra Bank and Bank of India.

RGI is an active participant in various government crop Insurance schemes – including the Pradhan Mantri Fasal Bima Yojna.

In FY17 the company insured over 3 million farmers under this financial inclusion initiative. About Reliance General Insurance Company Limited www.reliancegeneral.co.in