Latest news with #RakeshJain
Time of India
25-05-2025
- Business
- Time of India
Reliance General Insurance net profit rises 12.5% to Rs 315 crore in FY25; eyes growth under new promoter IIHL
Reliance General Insurance, a subsidiary of Reliance Capital recently acquired by IndusInd International Holdings Ltd (IIHL), posted a 12.5% increase in net profit to Rs 315 crore for the financial year ended March 2025, as the company recovers from nearly three years under insolvency proceedings. The company's Gross Direct Premium (GDP) rose 7.4% year-on-year to Rs 12,548 crore, outpacing the general insurance industry's overall growth of 5.2%, according to a company statement. Net worth also saw a 10.2% rise to Rs 3,429 crore during FY25, PTI reported. IIHL, backed by the Hinduja Group, acquired Reliance Capital via the insolvency process concluded in March 2025 and subsequently infused Rs 100 crore into Reliance General Insurance in May 2025 to further strengthen the company's financial position and accelerate growth. During the insolvency resolution process itself, the new promoter had injected Rs 300 crore in capital to stabilise the insurer's operations. The company's solvency margin stood at 159% at the end of March 2025, comfortably above the regulatory requirement of 150%. Commenting on the 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.' He added, 'We remain steadfast in our commitment to protecting the aspirations of millions of Indians through innovative and trusted insurance solutions.' Jain said the successful completion of the Corporate Insolvency Resolution Process (CIRP) of Reliance Capital has opened a 'transformative new chapter' for the company under IIHL's stewardship. '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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
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.)
