Reliance General Insurance Posts Steady FY25 Performance

27 May 2025

• Financial Performance (FY25 vs FY24): Reliance General Insurance delivered a solid financial performance in FY25, reflecting consistent growth across key metrics. Net Written Premium (NWP) increased by 6.5%, reaching ₹7,125 Cr compared to ₹6,687 Cr in FY24, supported by strong momentum in the marine segment (up 67.3% YoY) and miscellaneous insurance (up 6.3% YoY). Total revenue rose by 6.8%, amounting to ₹8,838 Cr versus ₹8,276 Cr in the previous year. The company also reported a 12.6% growth in Profit After Tax (PAT), which climbed to ₹448 Cr from ₹375 Cr in FY24. Correspondingly, Earnings Per Share (EPS) improved to ₹11.9, up from ₹10.8, in line with the overall profit trajectory.
• Operational Metrics & Key Ratios (FY25 vs FY24): In FY25, RGICL’s Expense of Management to Gross Direct Premium stood at 27.83%, nearly unchanged from 27.91% in FY24, reflecting continued cost efficiency. The Net Incurred Claims to Net Earned Premium ratio rose slightly to 82.63% in FY25 from 81.1% in FY24, indicating a modest uptick in claims intensity. The company maintained a Combined Ratio of 116.63% in FY25 (vs 115.38% in FY24), reflecting marginal stress on underwriting margins. Return on Net Worth (RoNW) improved slightly to 9.20% from 9.01%, supported by improved net profit and healthy solvency management. The Solvency Margin remained strong at 1.59x, well above the regulatory minimum of 1.50x, ensuring capital adequacy.
• Growth Outlook: With a strong FY25 performance and a 12.6% rise in net profit, Reliance General Insurance is poised for its next phase of growth. Backed by a ₹100 Cr capital infusion from its new promoter, IndusInd International Holdings Ltd (IIHL), the company is well-capitalized to expand its market presence. CEO Rakesh Jain highlighted FY25 as a turnaround year marked by disciplined execution and digital investments. RGICL now aims to tap into India’s underpenetrated non-life insurance market by leveraging technology, innovative products, and a customer-first approach. Aligned with IRDAI’s “Insurance for All by 2047” mission, RGICL is focused on expanding insurance access and sustaining profitable growth across segments.