Experienced Leadership: RGICL, established in 2000, benefits from seasoned leadership under CEO Rakesh Jain, with extensive expertise in finance, risk management, and underwriting. Supported by a skilled team, including CFO Hemant Jain and CIO K Ramkumar, the management ensures stability and continuity, with key personnel associated for over a decade.
Strong Business Profile: With a network of 127 branches and 7,401 employees (Dec 2023), RGICL has diversified its distribution channels, sourcing 41% of business directly and 39% through brokers. The company’s focus remains on motor and crop insurance, complemented by a growing health insurance segment contributing 17% of earned premiums in FY23.
Geographical Diversification: RGICL maintains a broad presence across India, with the top five states accounting for 56.85% of gross premiums in 9MFY23. Maharashtra leads at 27.24%, followed by Karnataka and Rajasthan, highlighting a well-distributed market footprint.
Moderate Financial Performance: RGICL’s GWP grew by 10% to ₹10,489 crore in FY23, supported by stable motor and crop businesses. Although underwriting losses persist, strong investment income and cost management contributed to a PAT of ₹270.69 crore in FY23 and ₹221.97 crore in 9MFY24.
Sound Investment Portfolio: With an investment portfolio of ₹18,688 crore (Dec 2023), heavily weighted towards high-quality debt securities, RGICL ensures liquidity and financial stability. Low delinquency rates and a focus on G-Secs and AAA-rated instruments further enhance resilience.
