Mumbai, Sep 5: Non-life insurer Reliance General Insurance Company Ltd said it has got the IRDAI in-principle nod for its initial public offer (IPO).
Reliance General Insurance, 100 per cent subsidiary of Reliance Capital said it has received in-principle approval from the insurance regulator for the process of proposed IPO.
According to the statement, Reliance General Insurance outperformed the industry growth rate of 30 per cent, and reported 41 per cent growth in FY17.
The company’s gross direct premium stood at Rs 3,935 crore in the year ended March 31, 2017.
Profit Before Tax rises to 32 per cent with Rs 130 crore, up, while the investment book stood at Rs 6,724 crore, up 25 per cent, for the year ending March 31, 2017.
According to sources, Reliance Capital, the parent company may divest one-fourth in the general insurance subsidiary. The expected enterprise valuation for Reliance General Insurance will be around Rs 6,000 crore to Rs 7,000 crore.