Latest news with #RelianceGeneralInsurance
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)
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
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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.)
The Print
26-04-2025
- Health
- The Print
Transparency and awareness are crucial to avoid health insurance claim rejections: Experts
Experts from the insurance industry emphasise that proper awareness and transparency are essential to ensure a seamless claims process. New Delhi [India], April 26 (ANI): The majority of health insurance claims in India are rejected due to policyholders misunderstanding the terms of their policy, failing to disclose pre-existing health conditions, or submitting claims that are not covered by their policy. Rakesh Jain, CEO of Reliance General Insurance, highlighted that many policyholders face financial stress during medical emergencies because their health insurance claims get rejected. He said, 'Rejection of claims majorly tends to occur on account of misunderstanding of policy wording, failure to disclose pre-existing conditions, procedural failures, or claims falling out of policy purview, etc.' Jain emphasised the importance of educating customers on these issues. He also shared that India's health insurance industry has expanded, but it remains extremely low in terms of penetration, particularly in non-metro areas. Currently, non-life insurance penetration is approximately. 1 per cent compared to the global average of approximately. 3.9 per cent. Amit Chhabra, Chief Business Officer – General Insurance at further pointed out that claims are typically denied for specific reasons. These include a lack of understanding about policy terms, such as waiting periods and the required documents, including hospital bills or discharge summaries. Claims can also be rejected for treatments not covered under the policy. Another common reason is when customers provide false information or fail to disclose important medical history, including pre-existing conditions like diabetes or hypertension, or lifestyle habits like smoking or drinking alcohol. He said, 'Insurers may deny a claim if the policyholder provides false medical information or fails to disclose pre-existing conditions like diabetes, hypertension, etc.' The experts also highlighted that expanding health insurance coverage to low-income and rural populations comes with its own challenges. Jain noted that lack of quality medical infrastructure in rural areas remains a major hurdle. 'Even with insurance, accessibility to quality healthcare remains a concern due to a shortage of hospitals, diagnostic centers, and specialists,' he said. Building trust and strengthening rural healthcare infrastructure is essential for the success of insurance in these areas. On a more positive note, Chhabra shared that over two-thirds of new health insurance buyers are now coming from beyond Tier-1 cities, showing increasing awareness and demand among rural and lower-income groups. Both industry leaders welcomed government schemes like Ayushman Bharat. Jain called it a 'significant step' towards universal health coverage, while Chhabra noted that such schemes have directly increased health insurance awareness and purchases in the areas where they have been introduced. Ultimately, both experts agreed that a combination of public and private efforts, customer education, and system simplification is key to improving claim experiences and increasing insurance penetration across India. In case a health insurance claim is wrongfully rejected by an insurance provider, consumers can approach the Insurance Ombudsman, a government-appointed authority that helps resolve disputes between policyholders and insurers. This platform allows policyholders to seek justice and claim redressal without needing to go through a lengthy legal process. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Time of India
26-04-2025
- Health
- Time of India
Transparency and awareness are crucial to avoid health insurance claim rejections: Experts
New Delhi: The majority of health insurance claims in India are rejected due to policyholders misunderstanding the terms of their policy, failing to disclose pre-existing health conditions , or submitting claims that are not covered by their policy. Experts from the insurance industry emphasise that proper awareness and transparency are essential to ensure a seamless claims process. Rakesh Jain, CEO of Reliance General Insurance , highlighted that many policyholders face financial stress during medical emergencies because their health insurance claims get rejected. He said, "Rejection of claims majorly tends to occur on account of misunderstanding of policy wording, failure to disclose pre-existing conditions, procedural failures, or claims falling out of policy purview, etc." Jain emphasised the importance of educating customers on these issues. He also shared that India's health insurance industry has expanded, but it remains extremely low in terms of penetration, particularly in non-metro areas. Currently, non-life insurance penetration is approximately. 1 per cent compared to the global average of approximately. 3.9 per cent. Amit Chhabra, Chief Business Officer - General Insurance at further pointed out that claims are typically denied for specific reasons. These include a lack of understanding about policy terms, such as waiting periods and the required documents, including hospital bills or discharge summaries. Claims can also be rejected for treatments not covered under the policy. Another common reason is when customers provide false information or fail to disclose important medical history, including pre-existing conditions like diabetes or hypertension, or lifestyle habits like smoking or drinking alcohol. He said, "Insurers may deny a claim if the policyholder provides false medical information or fails to disclose pre-existing conditions like diabetes, hypertension, etc." The experts also highlighted that expanding health insurance coverage to low-income and rural populations comes with its own challenges. Jain noted that lack of quality medical infrastructure in rural areas remains a major hurdle. "Even with insurance, accessibility to quality healthcare remains a concern due to a shortage of hospitals, diagnostic centers, and specialists," he said. Building trust and strengthening rural healthcare infrastructure is essential for the success of insurance in these areas. On a more positive note, Chhabra shared that over two-thirds of new health insurance buyers are now coming from beyond Tier-1 cities, showing increasing awareness and demand among rural and lower-income groups. Both industry leaders welcomed government schemes like Ayushman Bharat. Jain called it a "significant step" towards universal health coverage, while Chhabra noted that such schemes have directly increased health insurance awareness and purchases in the areas where they have been introduced. Ultimately, both experts agreed that a combination of public and private efforts, customer education, and system simplification is key to improving claim experiences and increasing insurance penetration across India. In case a health insurance claim is wrongfully rejected by an insurance provider, consumers can approach the Insurance Ombudsman, a government-appointed authority that helps resolve disputes between policyholders and insurers. This platform allows policyholders to seek justice and claim redressal without needing to go through a lengthy legal process.
