Introduction
Reliance Nippon Life Insurance Company Limited (RNLIC) announced a substantial bonus of ₹346 crore for its participating policyholders for FY24. This declaration is set to benefit over 5.1 lakh policyholders, underscoring RNLIC’s commitment to superior customer returns and life stage solutions.
Robust Financial Performance
RNLIC showcased impressive financial performance for FY24:
- 22% growth in new policies sold.
- 10% growth in Individual New Business Premium.
- 16% growth in Assets Under Management (AUM).
- 82.5% 13th Month Persistency.
Additionally, the company declared a Profit Before Tax of ₹198 crore, an 84% increase over FY23.
Consistent Bonus Declarations
The bonus declared applies to all eligible participating policies as of March 31, 2024. RNLIC has a history of declaring bonuses consistently for 23 years, encouraging customers to regularly pay their premiums and stay invested throughout the policy term. This consistency in bonus declarations is attributed to a well-strategized asset allocation in equities, which yielded significantly higher performance compared to the broader market.
Strong Investment Performance
RNLIC’s robust performance extends to its flagship ULIP Equity Fund 3, which delivered a remarkable 26.4% return, outperforming the NIFTY 50 benchmark. This reflects the company’s strong investment management and strategic asset allocation.
Leadership Comments
Mr. Ashish Vohra, ED & CEO of RNLIC, commented on the bonus announcement, stating, “We have focused on creating value for our customers through consistent performance, robust investment management, and a laser-sharp focus on operating efficiencies. Our digital transformation initiatives have enhanced customer delight, distributor satisfaction, and employee engagement, leading to healthy performance outcomes.”
Launch of RNL STAR
In line with its commitment to customer value, RNLIC recently launched a new participating product, Reliance Nippon Life Smart Total Advantage Return (RNL STAR). This product is designed to address various life stage needs, such as providing a second stream of income, funding a child’s education, planning for retirement, or creating a legacy.
Conclusion
RNLIC’s declaration of a ₹346 crore bonus and the launch of RNL STAR highlight the company’s dedication to superior customer returns and comprehensive life stage solutions. This milestone reaffirms RNLIC’s position as a leading player in the insurance industry, consistently delivering value to its policyholders.
For more details, contact:
Moumita Biswas
8777866266
