General insurance biz to break even this year: Reliance Cap

Despite the difficult market situation, Reliance Capital posted a strong set of numbers quarter of FY12. The company reached a milestone in terms of net sales last year's turnover of over Rs 6500 crore.After an interview with CNBC-TV18, President and CEO Sam Ghosh said that each business developed significantly compared to last year, when the company's operating profit increased by 50% of Rs 450 crore. "Based on the market, our wealth (AUM) have fallen significantly, but we're the number one fund, and the profitability of the segment's AUM," he added.Brokerage business commercial finance business and life insurance business will also be published to make a profit FY12. "If you look at the life insurance business, even if the new insurance companies have fallen, this is the first year we made a profit of Rs 373 crore," said Ghosh.It is usually a declaration that the company will not be published profits. "We showed that the loss is mainly due to a third party pool requirements, where we had to put more than Rs 200 crore reserves," explained Ghosh. As the motor pool will be demolished, he expects business to break even this year.Below is an edited excerpt of his interview. Also watch the accompanying video.Sam Ghosh: As a company we have achieved a milestone this year in terms of sales. Turnover has increased by about 20% over 6500 crore and profit has risen by more than 50% over Rs 450 crore.Breakdown of business types, each of the companies have outperformed compared to last year. Asset Management profits are up nearly 5% to more than Rs 300 crore. On the basis of the market of funds under management (AUM) have fallen considerably, and so are we. However, we have the number 1 as well as the profitability of the segment's fund AUM. If you can see, we have nearly Rs 1.40 lakh crore in assets under management of Rs 78 000 crore by the Funds.If you look at the life insurance business, even if the new insurance companies have fallen, this is the first year we made a profit of Rs 373 crore. Commercial finance business, we AUMs has increased by 15%, but profits have remained flat. This is because interest rates rose by 3 percentage points, and also borrowing costs also increased by the same amount. We could not move any increase in our borrowing costs to customers, but we could more or less keep profits flat just a marginal decrease in profit of that business.Finally, the transmission company profits are up nearly 50% from the previous year of about Rs 20 crore, and this is despite the tough market for brokerage industry - in both equities and commodities. The distribution side of the profits are up nearly 80% to over 30 crore.In general insurance, we showed a loss is mainly due to a third party pool requirements, where we had to put more than Rs 200 crore in reserves. However, the insurance pool will be demolished, and with effect from 1 April of each company should treat insurance companies have their own books. This should bring about a substantial reduction of reserve requirements as well as losses. We expect this business to break even this financial year.


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