Reliance Life Insurance registered a 40% increase in new business premium at R1,934 crore in 2013-14.
The company had earned new premium income of R1,377 crore in the previous fiscal. It recorded a 6% rise in total premium income, comprising new business and renewal premium collections, to R4,283 crore last fiscal, from R4,045 crore in 2012-13.
“The growth has been driven by a significant improvement in agent productivity and average ticket size in the last financial year. This led to a profitable growth for the company,” Reliance Life Insurance CEO Anup Rau said in a statement.
The average premium size of Reliance Life improved 49% year-on-year to over R19,000, while its agent productivity grew 56% in the last financial year, he said. The company's total funds under management stood at R18,328 crore as on March 31, 2014, against R18,189 crore in the previous fiscal.
Rau said the company is taking several initiatives, ranging from incentive programmes to overall process re-engineering, in order to increase its renewals.