Reliance General Insurance, one of India’s leading private general insurers, continues to expand its presence across multiple insurance segments, catering to individuals, corporates, and SMEs. Backed by a diverse product portfolio, the company has demonstrated resilience and growth in FY25 despite sectoral challenges.
The company’s Gross Written Premium has grown steadily over the three years, crossing ₹12,500 crore in FY25. However, the loss ratio rose to 83% in FY25, indicating higher claims pressure compared to FY24.
*Others include liability, engineering, shopkeepers’ package, group mediclaim, home, and travel insurance policies.
Reliance General’s motor portfolio remains its largest revenue generator.
Car Insurance: Third-party, own damage, and comprehensive coverage with add-ons like Zero Depreciation, Engine Protector, and Roadside Assistance.
Two-Wheeler Insurance: Protection against damages, theft, and third-party liabilities.
Commercial Vehicle Insurance: Tailored for trucks, buses, cabs, and goods carriers.
The health insurance segment continues to expand, driven by rising healthcare costs and demand for comprehensive coverage.
Retail Health Plans: Health Infinity, Health Gain, and Arogya Sanjeevani.
Critical Illness Insurance: Lump-sum payouts for specified illnesses.
Super Top-Up Plans: Extended protection beyond base policy limits.
Group Mediclaim Policies: Comprehensive coverage for corporates and SMEs.
Coverage against fire and special perils for offices, factories, warehouses, and residential properties.
Decline of ~5% in FY25, aligned with industry-wide slowdown in fire premiums.
Protection for goods and cargo in transit (air, sea, or road).
Growth in FY25 due to increased corporate trade activity.
Travel Insurance: International, domestic, student, and senior citizen plans.
Home Insurance: Covers structure and contents against natural disasters, burglary, and fire.
Liability Insurance: Professional indemnity and directors & officers (D&O) liability cover.
Engineering Insurance: Contractor’s All Risk (CAR), Erection All Risk (EAR), and machinery breakdown policies.
SME/Shopkeeper Policies: Bundled solutions for small businesses.
GWP: ₹12,548 crore, 3Y CAGR: 9.38% → steady but not industry-leading growth.
Combined Ratio: 117.22% → indicates underwriting losses; expenses + claims exceed premiums.
Loss Ratio: 83% → relatively high, showing large claims burden.
Valuation (M.Cap/GWP): 1.21x → fairly priced vs peers, but weaker profitability metrics compared to ICICI Lombard or Go Digit.
GWP: ₹28,258 crore, 3Y CAGR: 10.40%.
Combined Ratio: 120.8% → one of the highest, showing poor underwriting profitability.
Loss Ratio: 70.6% → better claims management compared to Reliance, but higher commissions push up combined ratio.
Valuation (M.Cap/GWP): 3.31x → premium valuation due to strong brand, scale, and diversified business despite weaker near-term ratios.
GWP: ₹43,618 crore, 3Y CAGR: 3% → sluggish growth.
Combined Ratio: 116.78% → loss-making at the underwriting level.
Valuation (M.Cap/GWP): 0.72x → trades at a discount due to PSU nature, low growth, and weaker underwriting efficiency.
GWP: ₹17,553 crore, 3Y CAGR: 15.37% → strong growth, largely from health insurance focus.
Combined Ratio: 101.10% → close to breakeven, better underwriting than most peers.
Loss Ratio: 70.3% → manageable claims profile.
Valuation (M.Cap/GWP): 1.46x → moderate valuation reflecting growth and improving efficiency.
GWP: ₹10,282 crore, 3Y CAGR: 26.17% → fastest-growing player.
Combined Ratio: 109.30% → still loss-making, but relatively better than Reliance or ICICI Lombard.
Loss Ratio: 72.8% → efficient compared to Reliance.
Valuation (M.Cap/GWP): 3.19x → richly valued, reflecting investor confidence in its tech-driven growth model.
GWP: ₹41,153 crore, 3Y CAGR: 3.17%.
Combined Ratio: 108.81% → underwriting losses, but better than ICICI Lombard and Reliance.
Loss Ratio: 88.4% → highest claims burden among peers.
Valuation (M.Cap/GWP): 1.60x → reasonable given scale, but growth remains muted.
Growth Leaders:
Go Digit (26.17% CAGR) and Star Health (15.37% CAGR) are expanding fastest.
Reliance and ICICI Lombard are mid-tier growth.
New India Assurance and GIC Re are laggards (~3% CAGR).
Profitability (Combined Ratio):
Best: Star Health (101.1%) → closest to breakeven.
Moderate: Go Digit (109.3%), GIC Re (108.8%).
Weak: ICICI Lombard (120.8%), Reliance (117.2%), New India (116.8%).
Valuation (M.Cap/GWP):
Highest: ICICI Lombard (3.31x) and Go Digit (3.19x), reflecting strong investor confidence.
Mid-range: Star Health (1.46x), GIC Re (1.60x).
Lowest: New India (0.72x) due to PSU discount.
Reliance: 1.21x → trades below Star and Digit due to underwriting weakness.
Reliance General Insurance: Mid-sized player, but weaker underwriting and high loss ratio keep valuations subdued.
Best Positioned for Growth: Go Digit (fastest growth, rich valuation) and Star Health (focused niche, near breakeven).
Premium Valuation Despite Weakness: ICICI Lombard trades at high multiples due to brand, scale, and investor confidence.
PSU Drag: New India and GIC Re suffer from low growth and weak underwriting, hence discounted valuations.
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