Reliance Capital posts 11% rise in Q4 profit at Rs460 crore
Reliance Capital’s general insurance business recorded a quarter-on-quarter jump of 75% in net profit at Rs42 crore
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Mumbai: Reliance Capital, the financial services subsidiary of Anil Ambani-led Reliance Group, reported 11% rise in fiscal fourth quarter profit to Rs460 crore from a year earlier because of higher growth in the company’s asset management, home finance and general insurance businesses.
During the March quarter, Reliance Capital’s home finance business posted a net profit of Rs108 crore, a five-fold increase.
The general insurance business of the company too recorded a quarter-on-quarter jump of 75% in net profit at Rs42 crore. In the general insurance space the company is engaged in the business of offering cover for auto, health, home, property, travel, marine, commercial and other speciality products. During FY2017, the general insurance business saw a 40% increase in gross written premium at Rs4,007 crore.
For its life insurance business, the company garnered a total premium of Rs3,999 crore during FY2017.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay High court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.