Reliance General Insurance Co. Ltd. will list by the end of this financial year, Anmol Ambani, executive director of its parent company Reliance Capital Ltd. said in his first public address after assuming office.
Speaking at the annual general meeting of Reliance Group, Anmol, son of Anil and Tina Ambani, also said that the company is in the process of carving out a standalone health insurance company from its general insurance business.
We have already received round one approval from IRDAI. We expect to become operational beginning early next year.Anmol Ambani, Executive Director, Reliance Capital
For the newly-listed Reliance Home Finance, Ambani said that the plan is to focus on affordable housing. The company's assets under management have grown over 50 percent and profits have risen about 90 percent and market capitalisation has touched Rs 6,000 crore, he added.
On Reliance Life Insurance, which was incorporated in 2006, Ambani said that the company has sold 23 percent to Nippon Life for Rs 2,500 crore in 2016.
Also Read: Reliance Nippon Life Asset Management Files For IPO
Besides, Reliance Money, the non-banking finance company arm of Reliance Capital, has grown at a compounded annual growth rate of 20 percent since 2011, compared to bank credit growth of less than 10 percent, he added.
“We believe the future will be a combination of physical and digital, that is ‘phygital',” said Ambani.
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