Reliance Life Insurance Company (RLIC) assets cross Rs.15,000 crore

Mumbai, Aug 23 (Calcutta Tube) Reliance Life Insurance Company (RLIC), part of Anil Ambani-led Reliance Capital, Monday said it has crossed the milestone figure of Rs.15,000 crore in assets under management (AUM) and plans to double this by 2011-12.

‘RLIC would be among the fastest private sector life insurance companies to cross this milestone in a span of less than 5 years,’ said Malay Ghosh, president and executive director, Reliance Life Insurance.

According to the company, it’s AUM registered a growth of 142 percent per annum in the last five years to reach Rs.15,000 crore from Rs.200 crore in October 2005.

It follows the Rs.10,000 crore AUM mark recorded in September 2009.

‘Our wide-ranging fund offerings and sharp focus on growth have helped us achieve this milestone.’ Ghosh added.

The company plans to double its AUM to Rs.30,000 crore by 2011-12. The company has also issued over 9.5 million policies till date.

‘We will continue to focus our investments in companies with strong management, healthy financial growth performance and dynamic business model,’ said Rangarajan Rajagopalan, chief investment officer, RLIC.

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