INDIA'S RELIANCE LIFE TARGETS US$2.7 BLN PREMIUM IN 5 YEARS

Reliance Life Insurance, a part of India's Anil Dhirubhai Ambani group, is targeting a new premium income of Rs 12,000 crore (US$2.7 billion) in five years, a top company official said.

"We are growing 20 per cent each year. We intend to earn a premium income of Rs 12,000 crore in five years time," president and executive director of Reliance Life Malay Ghosh said.

Launching Reliance Life's maiden health insurance product in the city Thursday, Ghosh said that in the current fiscal year, the target premium income is Rs 5,000 crore.

In FY10, the company earned a new premium of Rs 3,921 crore.

Ghosh said that from the health insurance product, the company is eyeing a premium of Rs 150 crore in the first year, which is likely to touch Rs 2,000 crore over the next five years.

Out of Rs 12,000 crore, life insurance premium would be around Rs 10,000 crore.

Referring to health insurance, Ghosh said that the maximum age which a person can take a cover was 75 years.

"As per wish of chairman Anil Ambani, we are thinking whether this can be made lifelong. We need to have the relevant data for that," he said.