Reliance insurance to foray into health segment

Mumbai, Nov 21: Reliance Life Insurance, an arm of Anil Dhirubhai Ambani Group will soon foray into the Health Insurance segment and will invest Rs 1,500 crore in its insurance business by 2010.

''We are growing at 155 per cent year on year and has 6.25 per cent market share in the insurance sector and we expect to double our current rate of growth and this capital infusion in the sector is directed towards achieving the goal'', P Nandgopalan, CEO of the company told mediapersons here today.

Besides this capital infusion, the company is also planning to foray agressively into the health insurance segment. However, the time frame for the same has not been decided yet.

Reliance Life Insurance company which has 500 branches across the country has a current capital base of Rs 900 crore.

Ninty per cent of its business comes from unit linked insurance plans.

The company is the fifth largest player in the insurance sector in the country plans to increase its branches to 740 by the end of this fiscal year. It also plans to increase the insurance agent base of the company from 1.4 lakh to 2 lakh by the year end.

UNI