Private general insurance company Reliance General Insurance, which saw a healthy growth in net profit for FY16, has taken a conscious stand to expand into non-motor businesses such as property, health and marine. Rakesh Jain, CEO of Reliance General Insurance, talks to M Saraswathy about this strategy and future plans. Edited Excerpts:
Your motor business saw a muted growth in FY16. What was the reason?
The motor business was a large part of the overall premium. We realised that since the third-party segment will not help in making money, it was imperative to grow the other lines of business. Last financial year, we grew fire business by 30 per cent and marine by 10 per cent, which was much higher than industry growth.
The idea was to have a more holistic presence. We took a call of not pursuing motor business where we could not make money. The motor business sector, on an aggregate, grew 14 per cent, but we only grew two per cent. Similarly, where industry grew in third-party motor business by 18 per cent; for us, it was -2 per cent.
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