Reliance Capital is looking to list its subsidiary companies
— Reliance Nippon Asset Management Company, Reliance Home Finance and Reliance General Finance. Reliance Nippon Asset Management Company and Reliance Home Finance would be listed this year.
Reliance General Insurance reported a 22 per cent increase in net profit to Rs 44 crore for the first quarter ended June 30. It also posted a robust growth of 41 per cent in its gross premium written for the quarter ended June 30, which stood at Rs 1,278 crore.
The investment book of the general insurer increased 22 per cent year-on-year to Rs 6,888 crore. The combined ratio, which indicates a non-life insurer’s total outflow on its net earned premium, stood at 104 per cent in Q1FY18 compared with 114 per cent in Q1FY17.
New India Assurance and General Insurance Corporation, the two government-owned non-life insurers, have already filed their draft red herring prospectus. National Insurance, United India Insurance and Oriental Insurance are in the process of listing their businesses as part of the government’s plans to list five non-life insurers in which it holds stakes.
ICICI Lombard was the first general insurance company to file a prospectus for listing.