INDIA'S RELIANCE LIFE SEES AUM CROSS RS 15,000 CR

NEW DELHI, Aug 24 Asia Pulse - India's Reliance Life Insurance said it has crossed Rs 15,000 crore (US$3.204 billion) mark in its Assets Under Management (AUM) and aims to double them by the end of this fiscal year.

"This milestone closely follows the Rs 10,000 crore AUM mark recorded by Reliance Life Insurance in September 2009," the company said in a statement.

The company is targeting to double AUM to Rs 30,000 crore by 2011-12.

"Reliance Life would be amongst the fastest private sector life insurance companies to cross this milestone in a span of less than five years," Reliance Life Insurance president and executive director Malay Ghosh said.

He further said that the company's wide-ranging fund offerings and sharp focus on growth have helped to achieve this milestone.

"We have issued over 9.5 million policies till date and would continue to reach out to our customers with a range of products to suit their need," Ghosh said.

In the current fiscal year, the company will infuse Rs 250 crore to fund business expansion plans, out of which Rs 70 crore was pumped in during the first quarter itself.

With the Rs 70 crore infusion, the total paid-up capital of the company has crossed Rs 3,000 crore mark. The paid-up capital of the company stood at Rs 3,044 crore at the end of June 30, 2010.

Reliance Life has sold the highest number of policies among private players in the first quarter of the current fiscal year. The insurer sold 493,000 policies during the quarter against 406,000 policies in the corresponding period last year, an increase of 21 per cent.

The insurer's new business premium grew 20 per cent to Rs 605 crore for the quarter ended June 30, 2010, from Rs 506 crore in the same period a year ago.