Reliance Nippon Life Insurance on Tuesday reported a 30 per cent rise in net income at Rs 65 crore for FY22, as its premium income increased 6.3 per cent.

While total premium collection rose to Rs 5,037 crore year-on-year, new premium collection rose 13 per cent to Rs 1,282 crore for the year, the company, a joint venture between Reliance Capital and Nippon Life of Japan, said in a statement.

While its 13th-month persistency stood at 78 per cent, the claim settlement ratio rose to 98.7 per cent, up from 98.5 per cent and the COVID-19 claim settlement ratio at 99.15 per cent.

Total claims, which included death claims, maturity and survival benefits, touched Rs 1,877 crore. Of the total claims, those from COVID stood at Rs 117 crore from 3,517 claimants.

Assets under management increased 13.3 per cent to Rs 27,619 crore.

During the year, its customer benefits payout stood at Rs 3,158 crore, which in terms of bonus value to policyholders stood at Rs 228 crore, marginally more than Rs 215 crore paid in FY21.

The company has 23,96,976 policies in force with a total sum assured of Rs 83,228 crore, Ashish Vohra, chief executive of Reliance Nippon Life said. PTI BEN BAL BAL

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