Financial Year: 2024
The document is a disclosure by Reliance General Insurance Company Limited to the BSE Limited, informing them of the outcome of the Board Meeting held on May 4, 2024, which approved the audited financial results for the quarter and year ended March 31, 2024. The communication is made pursuant to Regulation 51(2) and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It includes the Independent Auditors' Report, the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, the Statement of Financial Results, and the Receipts and Payments Account for the year ended March 31, 2024.
Independent Auditors' Report:
The Independent Auditors' Report confirms that the financial results of Reliance General Insurance Company Limited give a true and fair view of the Net Profit and other financial information for the year ended March 31, 2024, in accordance with the accounting principles generally accepted in India, and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and IRDAI circular reference: IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021. Emphasis is placed on Note 12 regarding the company's fully written-off investment of Rs. 7872 lakhs in Secured Non-Convertible debentures of Reliance Capital Limited (RCL) as at March 31, 2024, due to developments in the resolution plan of RCL during the year. The auditors relied upon the Company's Appointed Actuary's certificate to form their opinion on the financial results of the Company.
Financial Results:
The Statement of Financial Results outlines the segmental results (Fire, Marine, and Miscellaneous) for the quarter and year ended March 31, 2024, compared to the previous year. For the year ended March 31, 2024, the company's profit/loss before tax was Rs. 40,136 Lakhs compared to Rs. 41,518 Lakhs for the year ended March 31, 2023. The net profit after tax was Rs. 28,028 Lakhs compared to Rs. 27,070 Lakhs in the previous year.
The segmental results show for the year ended March 31, 2024, Fire Insurance operating profit/(loss) was Rs. 19,305 Lakhs, Marine Insurance operating profit/(loss) was (Rs. 2,295) Lakhs and Miscellaneous Insurance operating profit/(loss) was (Rs. 25) Lakhs. Total premiums earned (Net) were Rs. 40,262 Lakhs for Fire, Rs. 6,027 Lakhs for Marine, and Rs. 6,22,435 Lakhs for Miscellaneous insurance.
Balance Sheet:
The Balance Sheet as at March 31, 2024, shows the Share Capital at Rs. 26,483 Lakhs, Reserves and Surplus at Rs. 2,84,706 Lakhs and Total Borrowings at Rs. 23,000 Lakhs. Total Assets include Investments (Shareholder and Policyholder) amounting to Rs. 20,51,367 Lakhs. Net Current Assets are (Rs. 17,25,374) Lakhs.
Cash Flow Statement:
The Receipts and Payments Account for the year ended March 31, 2024, indicates a net increase in cash & cash equivalents of Rs. 13,004 Lakhs. The cash flow from operating activities was Rs. 2,15,435 Lakhs and the cash flow from investing activities was (Rs. 2,25,249) Lakhs.
Key Ratios and Disclosures:
Several financial ratios are disclosed, including the Debt-Equity Ratio, Debt Service Coverage Ratio, Earnings per Share, and Book Value per Share. The Available Solvency Margin to Required Solvency Margin ratio is reported as 1.62 times. Gross Direct Premium Growth Rate of 13.1% is reported.
Additional notes provide context. The Board has proposed a final dividend of 0.1% of face value or Rs. 0.01 per equity share, subject to shareholder approval. During the year ended March 31, 2024, the company reversed the provision for investments held with Reliance Capital Limited and fully wrote off those investments for Rs. 4497 Lakhs.
The report is signed by Rakesh Jain, Executive Director & CEO, confirming the approval of the Board of Directors.
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