The insurance regulator IRDAI has given in-principle approval for a public listing by Reliance General Insurance (RGI), a 100% subsidiary of Reliance Capital.
The listing of RGI is expected to be completed in the current financial year ending 31 March 2018, subject to necessary approvals, the insurer announced yesterday in a statement.
RGI provides a wide range of general insurance products like fire, motor, health, home, crop, travel, etc. The company has a diversified distribution network including corporate agents and bancassurance partners, amongst others.
The company reported a growth rate of 41% in premiums to INR39.35 billion (US$614 million) for the year ended 31 March 2017, outstripping the 30% increase in premiums for the industry as a whole. RGI’s pre-tax profit stood at INR1.3 billion, an increase of 32% over the previous fiscal year.
Currently, the only insurer which is listed in India is ICICI Prudential Life. Apart from RGI, insurers which have filed IPO applications include GIC Re, New India Assurance, HDFC Standard Life, SBI Life Insurance and ICICI Lombard General Insurance.