Reliance Health Insurance, a subsidiary of Anil Ambani-owned Reliance Capital, has received first round of approval from IRDAI and will become operational early next year, said Anmol Ambani, Executive Director, Reliance Capital addressing at the 31st Annual General Meeting.
Anmol is the older son of Anil Ambani and for the first time he was addressing Reliance Capital AGM.
Earlier, health insurance was a part of Reliance General Insurance business but to create retail focus, Reliance Health Insurance will be set up as a new standalone company.
“There are 3 factors indicating significant growth potential in retail health insurance—changing demographics: a younger India with higher income, higher assets, and more financially aware, rising cost of healthcare and an increase in lifestyle related ailments,” Ambani said.
The company has also received approval from the insurance regulator IRDAI for listing Reliance General Insurance and are in the process of listing it in the current financial year.
Speaking about its asset management company, Reliance Nippon Life Asset Management has an an AUM of approx Rs 3.5 lakh crores and has one of the highest retail AUMs amongst mutual fund industry from the smaller cities and towns.
He further said systematic investment plans or popularly known as SIP will continue to remain in focus and they want everyone to be a part of the capital markets via SIPs.
Reliance Home Finance has touched market capitalisation of Rs 6,000 crore, Ambani said.
Ambani also emphasized on Digital India. He said more than 20 percent incremental transactions come through digital channels.
The company plans to invest in digital solutions to help promote a learning culture and to remain future ready.
“We will help build a cashless economy; use real time data to serve urgent consumer needs; and enable transparency, security and mobility to consumers using the Aadhaar programme,” Ambani said.
“We have weaved in our products and processes into the Digital India stack and continue to push boundaries for reaching even deeper to bridge India with Bharat,” he added.
He ended his speech by saying “Reliance Capital is one of the most innovative, influential and revolutionary financial services’ companies in India.”
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