Anil Ambani's ADAE (Anil Dhirubhai Ambani Enterprises) group has charted major expansion plans for Reliance General Insurance, which has the dubious distinction of being the only private player to have witnessed decline in premium income in the last few months.
The decline in premium income coincided with the fight between the Ambani brothers to gain control of the Rs 100,000 crore (Rs 1000 billion) Reliance empire.
Soon after resolving ownership issues with his elder brother Mukesh, Anil acquired AMP Sanmar Life to make a direct foray into life insurance and also applied to IRDA for expanding the operations of Reliance General Insurance.
The company on Tuesday announced that it has obtained Insurance Regulatory and Development Authority's consent to open 17 new offices in various cities, including Mumbai and Delhi.
The private insurer will open four new branches in Mumbai and Delhi, while spreading its network to Nashik, Nagpur, Kolhapur, Solapur, Indore, Rajkot, Coimbatore, Chennai, Hubli, Vizag, Cochin, Gurgaon, Noida, Kanpur, Kolkata and Bhubaneswar, Reliance General said in a release.
Reliance General is also on a recruitment drive to increase manpower strength and agents network in the country, it said.
The company is also planning to introduce new value-added products in various segments like travel, health, home, rural, commercial and liability.
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