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2017-18-RGICL-Annual-Report

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2017-18-RGICL-Annual-Report 2017-2018 Reliance General Insurance Company Limited DIRECTORS’ REPORT To the Members, Your Directors present the Eighteenth Annual Report together with the Audited Financial Statements for the Financial Year ended 31st March, 2018. Financial Results (` in crore) Particulars Year ended 31st March, 2018 Year ended 31st March, 2017 Gross Direct Premium 5,069.08 3,935.35 ,QVXUDQFH3UR¿W /RVV 121.94 51.44 Investment Income on Shareholders fund 87.53 99.25 3UR¿W /RVV EHIRUH7D[ 165.00 130.34 3UR¿W /RVV DIWHU7D[ 165.00 130.34 Dividend Your Directors have recommended a dividend of ` 0.50 per Equity Share of ` 10 each for the Financial Year ended 31st March, 2018. The dividend on Equity Share is subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM). Operations Your Company in the current Financial Year has underwritten Gross Written Premium of ` 5,122.34 crore as against ` 4,007.09 FURUHLQWKHSUHYLRXV\HDUUHJLVWHULQJDQLQFUHDVHE\7KHPDLQIRFXVGXULQJWKH\HDUZDVWRLPSURYHWKHSUR¿WDELOLW\RIWKH Company along with growth. 7KH3UR¿W%HIRUH7D[HDUQHGGXULQJ)<LV`FURUHDVDJDLQVW3UR¿WRI` 130.34 crore during the previous year DFKLHYLQJDJURZWKRIRYHU)< Business Update The Financial Year started with the Insurance Regulatory and Development Authority of India (IRDAI) increasing the Motor TP rates. During the year, IRDAI also introduced the Guidelines on the Motor Insurance Service Provider (MISP). MISP is as an DXWRPRELOHGHDOHUDSSRLQWHGE\WKH,QVXUHURUWKHLQVXUDQFHLQWHUPHGLDU\WRGLVWULEXWHDQGRUVHUYLFHPRWRULQVXUDQFHSROLFLHV of automobiles sold through such MISP. IRDAI also revised the Outsourcing Guidelines, 2011 and issued the Outsourcing Regulations, 2017 and also the Protection of Policyholders Interest Regulations, 2017 were issued by revising the 2002 regulations. 'XULQJWKH\HDU\RXU&RPSDQ\KDVWLHGXSZLWKPDMRU%DQNVDQGHQWLWLHVZKLFKPDLQO\LQFOXGHV<(6%DQN/LPLWHG2QH &RPPXQLFDWLRQ/LPLWHG2UL[$XWR,QIUDVWUXFWXUH6HUYLFHV/WGHWFDVWKH&RUSRUDWH$JHQWVRIWKH&RPSDQ\ 8SGDWHRQWKH,QLWLDO3XEOLF2ႇHULQJ 7KH&RPSDQ\LVSODQQLQJWRUDLVHWKHFDSLWDOE\ZD\RI,QLWLDO3XEOLF2ႇHU ,32 RILWVHTXLW\VKDUHVFRPSULVLQJRID)UHVK ,VVXHDQGDQ2ႇHUIRU6DOHE\WKHH[LVWLQJ6KDUHKROGHUVRIWKH&RPSDQ\,QWKLVUHJDUG,5'$,KDGJUDQWHGLWVDSSURYDOWRWKH &RPSDQ\7KH&RPSDQ\KDV¿OHGLWV'UDIW5HG+HUULQJ3URVSHFWXV '5+3 ZLWKWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6(%, DQG¿QDOREVHUYDWLRQVRQWKHVDPHKDVEHHQUHFHLYHGIURP6(%,7KH&RPSDQ\PD\ODXQFKLWV,32LQQHDUIXWXUH VXEMHFWWRWKHIDYRXUDEOHPDUNHWFRQGLWLRQV Bonus Issue 'XULQJWKH\HDUXQGHUUHYLHZWKH&RPSDQ\LVVXHGDQGDOORWWHGIXOO\SDLGXSHTXLW\VKDUHVRI` 10 each to its H[LVWLQJPHPEHUVDVDERQXVVKDUHVLQSURSRUWLRQRILHRQHHTXLW\VKDUHRI` 10 each for every one share held as on the UHFRUGGDWH¿[HGIRUWKHSXUSRVHE\FDSLWDOLVLQJ` 1,257,749,600 standing to the credit of the securities premium account of the Company. Corporate Governance IRDAI had issued comprehensive guidelines on Corporate Governance for adoption by the Insurance Companies. The objective RIWKHVHJXLGHOLQHVLVWRHQVXUHWKDWWKHVWUXFWXUHUHVSRQVLELOLWLHVDQGIXQFWLRQVRIWKH%RDUGRI'LUHFWRUVDQGVHQLRUPDQDJHPHQW RIWKH&RPSDQ\IXOO\UHFRJQL]HWKHH[SHFWDWLRQVRIDOOVWDNHKROGHUVDVZHOODVWKRVHRIWKH5HJXODWRU7KH&RPSDQ\¶VSKLORVRSK\ 2 Annual Report 2017 - 2018 on Corporate Governance envisages the attainment of highest levels of transparency, accountability and equity, in all facets of its RSHUDWLRQVDQGLQDOOLQWHUDFWLRQVZLWKLWVVWDNHKROGHUVLQFOXGLQJWKHPHPEHUVHPSOR\HHVJRYHUQPHQWDQGVRFLHW\$&RUSRUDWH Governance Report is presented in a separate section which forms part of the Annual Report. As required under the Corporate *RYHUQDQFH*XLGHOLQHVDFHUWL¿FDWHIURPWKH&RPSDQ\6HFUHWDU\ &KLHI&RPSOLDQFH2ႈFHURIWKH&RPSDQ\FHUWLI\LQJWKDWWKH Company has complied with the Corporate Governance Guidelines also forms the part of the Annual Report. Reinsurance The Company has a well structured Reinsurance Program supported by approved securities, spread across the globe, having a YDOLG8,1IRU)<7KH5HLQVXUDQFH3URJUDPPHKDVEHHQUHQHZHGIRU)<DQGSODFHGFRPSOHWHO\ZLWKUHLQVXUHUV KDYLQJDSSURYHGFUHGLWUDWLQJDVDFFHSWDEOHE\,5'$,7KH5HLQVXUDQFH3URJUDPKDVDQRSWLPXPPL[RI3URSRUWLRQDO7UHDWLHVWR HQKDQFHWKH&RPSDQ\¶VDXWRPDWLFXQGHUZULWLQJFDSDFLW\DQG1RQ3URSRUWLRQDO7UHDWLHVWRSURWHFWWKH&RPSDQ\¶VQHWUHWHQWLRQV %DVHG RQ WKH &RPSDQ\¶V 1HW :RUWK %XVLQHVV 3ODQV 3RUWIROLR 0L[ DQG GHWDLOHG DQDO\VLV RI WKH &RPSDQ\¶V KLVWRULFDO GDWD UHWHQWLRQOHYHOVKDYHEHHQRSWLPDOO\¿[HGWRHQVXUHDKHDOWK\VROYHQF\PDUJLQVWDELOLW\LQ¿QDQFLDOUHVXOWVPLQLPXPYRODWLOLW\LQ HDUQLQJVDQGJHQHUDWHYDOXHWRVWDNHKROGHUV7KH&RPSDQ\ZRXOGDOVROLNHWRHPSKDVL]HRQLWVSUHSDUHGQHVVIRUFDWDVWURSKLF HYHQWVE\UHJXODUPRQLWRULQJRIH[SRVXUHVDVVHVVLQJDFFXPXODWLRQVWKURXJKVWDWLVWLFDO&DWDVWURSKLF &$7 PRGHOLQJWRROVDQG having adequate protection in place. 'LJLWL]DWLRQDQG,QIRUPDWLRQ7HFKQRORJ\ :LWKHDFKSDVVLQJ\HDUGLJLWL]DWLRQLVH[SDQGLQJLWVIRRWSULQWLQHYHU\VHFWRUZLWKLQ,QGLDDQGDFURVVWKHJOREH2IODWHWKH insurance industry is getting intensely impacted by digitization. The Company has been a pioneer in the General Insurance space and has achieved many milestones. The Company has launched video streaming solution for instant claim assessment for Motor Claims. The Company has also implemented RIVA – 5HOLDQFH,QWHUDFWLYH9RLFH$VVLVWDQFHDFKDWERWRQLWVZHEVLWHDQGRQVRFLDOQHWZRUNSODWIRUPIRUFXVWRPHUDQGVDOHVVHUYLFLQJ The Company has successfully implemented the unique solution for one of the prestigious client as a value added solution to WUDFNWKHFDUJRWUDQVLWDJDLQVWSRVVLEOHKLMDFNDQGFRQWUROWKHIWIUDXGHWF 7KH)LQDQFLDO<HDULVGHGLFDWHGWRQHZEXVLQHVVWLHXSVZLWKVXFFHVVIXOV\VWHPLQWHJUDWLRQVZLWK%DQNVDQGPRWRU manufacturers. 7KH&RPSDQ\KDVHQDEOHGWKHRQOLQHVHOIHQGRUVHPHQWVHUYLFHVIRU$JHQWVDQG&XVWRPHUVRQ6PDUW=RQHDQG:HEVLWH 'XULQJWKH\HDUXQGHUUHYLHZWKH&RPSDQ\VPRRWKO\LPSOHPHQWHG*RRGVDQG6HUYLFHV7D[ *67 DFURVVDOOLWVFRUHV\VWHPV at once. Personnel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scores. .H\$XWRPDWLRQ,QLWLDWLYHV The milestone automation initiative was the launch of Workplace by Facebook in June 2017. Currently the Company has WKH KLJKHVWDGRSWLRQ UDWH DFURVV5HOLDQFH &DSLWDO *URXS DQG ZDV DOVR LQYLWHG WRSUHVHQW LWVVXFFHVV VWRU\E\ )DFHERRN LQ ³:RUNSODFH7UDQVIRUPV,QGLD´ (PSOR\HH(QJDJHPHQW 7KH&RPSDQ\FRQWLQXRXVO\VWULYHVWRFUHDWHDQHQJDJLQJDQGKHDOWKFRQVFLRXVZRUNHQYLURQPHQWIRUDOOLWVHPSOR\HHVVRWKDW WKH\JLYHRIWKHLUEHVWHDFKGD\6RPHHQJDJHPHQWVWHSVWDNHQWRZDUGVWKDWDUH )DPLO\ &RQQHFW 3URJUDPV 1RW MXVW WKH HPSOR\HH WKHLU IDPLOLHV WRR DUH WKH H[WHQGHG IDPLO\ 7RZDUGV WKLV XQLTXH DFWLYLWLHVZHUHGRQHOLNHRQ0RWKHU¶VGD\SHUVRQDOL]HGHPSOR\HHPHVVDJHZLWKDVRXYHQLUZDVVHQWGLUHFWO\WRPRWKHUVRI DOOHPSOR\HHV2Q5DNKLVLVWHUVRIDOOPDOHHPSOR\HHVDQGEURWKHUVRIDOOIHPDOHHPSOR\HHVUHFHLYHGDVSHFLDOJLIWER[IURP the Company, etc. 3 Reliance General Insurance Company Limited )RFXVRQ(PSOR\HH9ROXQWHHULQJDQG+HDOWKFDPSVDWZRUN1XPHURXV&65DFWLYLWLHVOLNH&OHDQXSGULYH&\FOHUDOO\ 6HFUHW6DQWDWR1*2.LGVZHUHFRQGXFWHGZLWKGLUHFWSDUWLFLSDWLRQRIHPSOR\HHV$OVRQXPHURXVKHDOWKFDPSVOLNH2QH RQ2QHGLHWLFLDQGHQWDOFKHFNXSZHUHFRQGXFWHG 2QOLQH(QJDJHPHQWV:LWKWKHODXQFKRI:RUNSODFHE\)DFHERRNKLJKIRFXVZDVNHSWRQFRQGXFWLQJLQWHUDFWLYHRQOLQH DFWLYLWLHVDFURVVRFFDVLRQVDQGPHGLXPV)HZRIWKHVHDUH ¾ '1$±)ULHQGVKLS'D\&RQWHVW2Q:RUNSODFHWKLVZDVDSHUIHFWPL[RIOHDUQLQJDQGIXQZKHUHHPSOR\HHVWDJJHGWKHLU FROOHDJXHVZKRUHSUHVHQWHGHDFKRIWKHVL['1$V ¾ ,3OHGJH FDPSDLJQ RQ (QYLURQPHQW 'D\ /HDGHUV WRRN SOHGJHV WRZDUGV VDYLQJ HQYLURQPHQW XUJLQJ HPSOR\HHV WR follow suit. ¾ &UHDWLYH&KLOG&RQWHVW7RXQOHDVKFUHDWLYLW\RIHPSOR\HHV¶FKLOGUHQRQOLQHFUHDWLYLW\FRQWHVWZDVUXQRQ&KLOGUHQ¶VGD\ witnessing tremendous participation and huge applause. 7DOHQW0DQDJHPHQW 7KH7DOHQW0DQDJHPHQWSURJUDP3$&( 3URJUDPIRU$FFHOHUDWHG&DUHHU(QKDQFHPHQW IRXQGHGRQWKH(165&/&RPSHWHQF\ )UDPHZRUNGHULYHGDFURVVJURXSZDVUROOHGRXWIRU6HQLRUDQG0LGGOHOHYHOPDQDJHPHQWWRDVVHVVWKHLUZRUNVW\OHV$OVRD GHYHORSPHQWFHQWHUZDVRUJDQL]HGIRUVHOHFWNH\HPSOR\HHVZKRZHUHLQSLSHOLQHIRUVHQLRUUROHV 2QERDUGLQJ ³)LUVWLPSUHVVLRQJRHVDORQJZD\´$OOWKHQHZMRLQHHVDUHJLYHQD:HOFRPH.LW±ZKLFKFRQVLVWVRI-RLQLQJ0DQXDO'LDU\ '1$.H\FKDLQVWDWLRQDU\DQGD5HOLDQFH76KLUWHWF7KHRQERDUGLQJSURFHVVKDVEHHQUHVWUXFWXUHGWRHQVXUHWKHNH\MRLQLQJ formalities are completed by the date of joining. All joinees go through a structured 3 days Induction program conducted in centralized manner at Mumbai. 7UDLQLQJ,QLWLDWLYHV The Company believes continuous learning and development of employee is a must to bring out their best performance. The &RPSDQ\KDVXQGHUWDNHQYDULRXVWUDLQLQJLQLWLDWLYHVRYHUWKHODVW\HDU6SHDNLQJRIWKHXQFRQYHQWLRQDOWUDLQLQJPHWKRGVWKH Company conducted unique movie based trainings across locations to develop Winners Attitude of employees. Another unique SURJUDPIRFXVLQJRQRYHUFRPLQJVHOILQÀLFWHGIHDUVDQGSURPRWLQJLQQRYDWLRQZDVFRQGXFWHGZKLFKIHDWXUHGGDULQJJODVVZDON DQGWHDPFUHDWLYLW\SURMHFWV)XUWKHURQRFFDVLRQRI:RPHQ¶V'D\DWUDLQLQJSURJUDPFRYHULQJIHPDOHIRUFHVSDQ,QGLDZDV FRQGXFWHGRQWKHWKHPHRI³8QOHDVK<RXU,QQHU3RWHQWLDO´7KURXJKDPL[RIPXOWLSOHFODVVURRPVHVVLRQVZHELQDUVWRFRQQHFW YDULRXVVPDOOORFDWLRQVDQGD'DQFH0RYHPHQW7KHUDS\ZRUNVKRSWKLVZDVKLJKO\DSSUHFLDWHGSURJUDP (PSOR\HH%HQH¿W6FKHPHV 'XULQJWKH\HDUXQGHUUHYLHZWKH&RPSDQ\LPSOHPHQWHGµ5*,&/(PSOR\HH6WRFN2SWLRQ6FKHPH¶ (623 7KH XQGHUO\LQJ SKLORVRSK\ RI WKH &RPSDQ\¶V (623 LV WR UHZDUG WKH NH\ HPSOR\HHV IRU WKHLU DVVRFLDWLRQ GHGLFDWLRQ DQG FRQWULEXWLRQWRWKHJRDOVRIWKH&RPSDQ\(623¶VDUHDOVRH[SHFWHGWRVWUHQJWKHQWKHVHQVHRIRZQHUVKLSDQGEHORQJLQJDPRQJ
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