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India.com
29-05-2025
- Business
- India.com
Months within being sold, Anil Ambani's former company turns profitable, post net profit of Rs 3150000000, sold due to…
Anil Ambani (File) Reliance General Insurance, a subsidiary of Reliance Capital recently acquired by IndusInd International Holdings Ltd (IIHL), posted a 12.5% rise in net profit, which is around Rs 315 crore for the fiscal year ending March 2025. The company's Gross Direct Premium (GDP) grew by 7.4% to Rs 12,548 crore, surpassing the general insurance industry's growth rate of 5.2%. Ambani had to sell it due to its debt. Net worth of the company also witnessed 10.2 per cent improvement to Rs 3,429 crore in FY25, Reliance General Insurance said in a statement. IIHL, which acquired Reliance Capital through the insolvency process in March this year, infused Rs 100 crore in May 2025 in the general insurance company reinforcing its financial strength and growth momentum. The company, which faced strong headwinds being under the Insolvency and Bankruptcy Code (IBC) for nearly three years, has been acquired by Hinduja-backed IIHL. To resurrect the position of the company, the new promoter infused capital amounting to Rs 300 crore during the insolvency process. Commenting on the company's performance, Reliance General Insurance CEO Rakesh Jain said the financial year 2024-25 marked a year of disciplined execution, strategic investments, and resilient growth, even in a dynamic and challenging market environment. 'We remain steadfast in our commitment to protecting the aspirations of millions of Indians through innovative and trusted insurance solutions,' he said. The successful conclusion of the CIRP of Reliance Capital Limited in March 2025 has opened a transformative new chapter under the stewardship of IIHL, he said. 'With IIHL's strong financial backing and proven expertise in financial services, we are confident in our ability to accelerate our growth journey and lead the next wave of innovation in India's general insurance sector,' he added. (With Inputs From PTI)
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Business Standard
25-05-2025
- Business
- Business Standard
Reliance General Insurance net profit rises 12.5% to Rs 315 cr in FY25
Reliance General Insurance, an arm of Reliance Capital recently acquired by IndusInd International Holdings Ltd (IIHL), reported 12.5 per cent growth in net profit to Rs 315 crore for the financial year ended in March 2025. Gross Direct Premium (GDP) of the company rose to Rs 12,548 crore, an increase of 7.4 per cent over the last financial year, outpacing general insurance industry growth of 5.2 per cent. Net worth of the company also witnessed 10.2 per cent improvement to Rs 3,429 crore in FY25, Reliance General Insurance said in a statement. IIHL, which acquired Reliance Capital through the insolvency process in March this year, infused Rs 100 crore in May 2025 in the general insurance company reinforcing its financial strength and growth momentum. The company, which faced strong headwinds being under the Insolvency and Bankruptcy Code (IBC) for nearly three years, has been acquired by Hinduja-backed IIHL. To resurrect the position of the company, the new promoter infused capital amounting to Rs 300 crore during the insolvency process. Solvency margin stood at 159 per cent as against regulatory requirement of 150 per cent at the end of March 2025, it said. Commenting on the company's performance, Reliance General Insurance CEO Rakesh Jain said the financial year 2024-25 marked a year of disciplined execution, strategic investments, and resilient growth, even in a dynamic and challenging market environment. "We remain steadfast in our commitment to protecting the aspirations of millions of Indians through innovative and trusted insurance solutions," he said. The successful conclusion of the CIRP of Reliance Capital Limited in March 2025 has opened a transformative new chapter under the stewardship of IIHL, he said. "With IIHL's strong financial backing and proven expertise in financial services, we are confident in our ability to accelerate our growth journey and lead the next wave of innovation in India's general insurance sector," he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
