Reliance General Insurance (RGI), a subsidiary of Reliance Capital, 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 40.07 billion (USD 616 million) a YoY increase 40%.

FY17 Profit Before Tax was at Rs 3.02 billion (USD 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 1.30 billion (USD 20 million) a YoY increase of 32% after provisioning for IBNR reserves, which now stands fully strengthened.

Return on Equity (RoE) improved from 9% to Rs 11% during the same period.

The company registered healthy growth and ended its Investment Book at Rs 67.24 billion (USD 1.0 billion) a YoY increase of 25%.

The company, during the year, strengthened and diversified its distribution network by forging partnerships with major banks including IndusInd Bank, Catholic Syrian Bank, Andhra Bank and Bank of India-that is expected to achieve optimum productivity and reach in the coming quarters Reliance General Insurance was an active participant in various government crop Insurance schemes  including the Pradhan Mantri Fasal Bima Yojna and has insured over 3 million farmers under this financial inclusion initiative, during the year.

Online channel, which forms and important growth channel for the company, registered sharp increase and registered 55% growth in premium collected and 66% growth in number of policies sold during the year.

Reliance General Insurance currently has a 7.3% market share in private sector and has the largest agency channel with over 24,500 agents.

Shares of Reliance Capital gained Rs 13.25, or 2.07%, to trade at Rs 653.80. The total volume of shares traded was 414,289 at the BSE (12.27 p.m., Thursday).