/ Reliance Capital To Expand Retail Health Insurance Business ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 16 March 2017

Reliance Group company, Reliance Capital Limited (RCL) is planning to separate out its retail Health Insurance business, into a standalone, wholly owned subsidiary of its General Insurance business.

The board of directors of Reliance General Insurance Company Limited (RGIL), a subsidiary of Reliance Capital Limited (RCL), has approved this proposal, subject to necessary IRDA and other approvals.

Reliance Health Insurance Ltd., the proposed new company for Health Insurance business, will be a wholly owned subsidiary of Reliance Capital.

RGIL has a well-established portfolio of health insurance business that offers a comprehensive range of competitive products to consumers. The business recorded Gross Written Premium of Rs 570 crore (US$ 87 million), as of March 31, 2016, through its network of over 175 branches across the country.

Health insurance in India has been amongst the fastest growing insurance sectors and is expected to nearly double to nearly Rs 50,000 crore (US$ 8 billion) by 2020.

The proposal will enhance management focus on Health insurance and provide flexibility to the company to unlock value by bringing in global leaders in this space as strategic and equity partners.
Reliance Capital has appointed Mr Ravi Viswanath, with over 20 years’ global experience in health insurance, as proposed CEO of the new company.

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