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BRIEF-Reliance General Insurance FY17 profit before tax 1.30 bln rupees post additional provisioning for IBNR reserves
April 27, 2017 / 4:38 AM / 5 months ago

BRIEF-Reliance General Insurance FY17 profit before tax 1.30 bln rupees post additional provisioning for IBNR reserves

April 27 (Reuters) - Reliance General Insurance Ltd:

* FY17 profit before tax at 3.02 billion rupees

* Total gross written premium for year, ended march 31, 2017, was INR 40.07 billion; a yoy increase 40%.

* FY17 profit before tax at 1.30 billion rupees post additional provisioning for ibnr reserves Source text - (Reliance General Insurance Ltd (RGI), a subsidiary of Reliance Capital Ltd, announced its financial results for the year ended March 31, 2017. The total Gross Written Premium (GWP) for the year, ended March 31, 2017, was Rs 4,007 crore (US$ 616 million) – a YoY increase 40%. FY17 Profit Before Tax was at Rs 302 crore (US$ 46 million) - before additional provisioning for Incurred But Not Reported (IBNR) reserves proposed by an external panel actuary. FY17 Profit Before Tax was at Rs 130 crore (US$ 20 million) – a YoY increase of 32% - after provisioning for IBNR reserves, which now stands fully strengthened.) Further company coverage:

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