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February 06, 2016 10:52 AM ET

Insurance

Company Overview of Reliance General Insurance Company Limited

Company Overview

Reliance General Insurance Company Limited provides general insurance products for corporations, small and medium enterprises, and individual customers in India. It offers corporate insurance, including fire insurance; engineering insurance that protects corporate from various risks associated with plant and machinery, erection of machinery, equipment and boilers, and electronic equipment; marine insurance; public liability insurance that covers liability of industries controlling or handling hazardous chemicals by providing compensation to persons affected due to accident; package insurance; and miscellaneous insurance, which include Mediclaim insurance and package insurance. The company al...

570 Rectifier House

1st Floor

Naigaum Cross Road

Next to Royal Industrial Estate Wadala

Mumbai,  400031

India

Founded in 2000

3,000 Employees

Phone:

91 22 3047 9600

Key Executives for Reliance General Insurance Company Limited

Chief Executive Officer and Executive Director
Chief Financial Officer
Head of Corporate Group & Strategy
Chief Underwriting Officer
Head of Retail Claims, Underwriting & Operations
Compensation as of Fiscal Year 2015.

Reliance General Insurance Company Limited Key Developments

Three Foreign Suitors Interested In Acquiring Reliance General Insurance

Three foreign suitors interested in acquiring Reliance General Insurance Company Limited from Reliance Capital Limited. Speaking to Financial Chronicle, Sam Ghosh, Executive Director and Group Chief Executive Officer of Reliance Capital, confirmed, “There are three parties that have evinced interest in buying a stake in Reliance General Insurance. They are from United States, Europe and Asia. We expect to conclude the sale by the next financial year.” On a question about valuation, Sam Ghosh said, “In terms of valuation, nothing is decided, but the book value of the general insurance subsidiary is INR 10 billion and in the market, stake sales have happened at three to four times the book value. While some players want to start with a lower stake and subsequently increase their shareholding, others want to buy 49%.” Sam Ghosh said that Reliance Capital is looking at raising INR 20 billion to INR 30 billion by exiting from its non-core investments in the next one year. The life insurance transaction is expected to close by March 2016. Sam Ghosh said that funds raised via stake sales from the life insurance and asset management subsidiaries would be used to grow the housing finance subsidiary and to reduce the overall debt of Reliance Capital.

Reliance General Insurance Announces Earnings Results for the Second Quarter Ended September 30, 2015

Reliance General Insurance announced earnings results for the second quarter ended September 30, 2015. For the period the company announced profit was INR 0.30 billion, up by 31% compared to same period a year ago. Gross written premium was INR 6,710 million up 3%.

Reliance General Insurance Reports Earnings Results for the First Quarter Ended June 30, 2015

Reliance General Insurance reported earnings results for the first quarter ended June 30, 2015. For the quarter, the company reported gross written premium of INR 8,630 million ($136 million), a year on year increase of 10%. The profit was INR 300 million ($5 million), a year on year increase of 22%.

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