Reliance General Insurance (IndusInd General Insurance)
Top-tier private general insurer (₹12,548 Cr gross premium, ₹315 Cr FY25 profit), now owned by the Hinduja group's IIHL and rebranded IndusInd General Insurance.
Market cap
₹13,894 Cr
26.49 Cr shares
P/E ratio
41.96
Sector average 30
Book value
₹136.07
P/B 3.85
1-year return
+0.00%
52w ₹525 – ₹599
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹525 → ₹525
52-week band in this window: ₹524.50 – ₹524.50. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25: gross direct premium ₹12,548 Cr (+7.4%), PAT ₹315 Cr (+12.5%), net worth ₹3,429 Cr, solvency 159%.
- Owned since March 2025 by IndusInd International Holdings (Hinduja group); renamed IndusInd General Insurance in December 2025.
- Altius quote ₹599 buy / ₹450 sell; about 26.5 Cr shares of ₹10 after the ₹100 Cr infusion.
About Reliance General
Reliance General Insurance Company Limited, incorporated in 2000 as the general-insurance arm of Reliance Capital, writes motor, health, fire, marine, crop and liability cover through more than 130 branches and a large agency and partner network. It is one of the ten largest private general insurers in India.
IndusInd International Holdings Ltd (IIHL), the Hinduja-family investment vehicle, completed its takeover of Reliance Capital under the IBC in March 2025. Reliance Capital holds 73.69% of the insurer and Aasia Enterprises LLP (Ashok Hinduja family) 24.95%. IIHL injected ₹100 Cr in May 2025 and, in December 2025, the company was renamed IndusInd General Insurance Company Limited.
FY25 gross direct premium rose 7.4% to ₹12,548 Cr against industry growth of 5.2%; net profit grew 12.5% to ₹315 Cr and net worth 10.2% to ₹3,429 Cr, with solvency at 159% (173% by September 2025 after the infusion). Health is the growth focus — the company aims to double health premium in three to four years.
Balance-sheet line items are modelled from published headline numbers. Figures preliminary; verify from MCA filings.
Where the revenue comes from
- Motor45%
Own-damage and third-party; the largest line
- Health & personal accident22%
₹1,593 Cr written in FY26 to date; targeted to double in 3–4 years
- Fire, engineering & marine18%
Commercial property and cargo
- Crop & other15%
Government crop schemes, liability and miscellaneous
Products & services
Motor insurance
Private car, two-wheeler and commercial vehicle own-damage and third-party cover.
Health insurance
Retail and group health, personal accident and travel.
Commercial lines
Fire, engineering, marine, liability and package policies for SMEs and corporates.
Crop insurance
Participation in government-sponsored crop schemes.
What works
- • Scale franchise: ₹12,500 Cr+ premium, 130+ branches and a diversified motor–health–commercial book.
- • Profitable through the ownership transition — FY25 PAT ₹315 Cr, up 12.5%.
- • Well-capitalised parent (Hinduja group / IIHL) with a stated plan to build a full financial-services group around IndusInd Bank and the insurers.
What to watch
- • The industry's underwriting losses widened sharply in FY26; motor and health claims inflation pressure combined ratios.
- • Integration and rebranding under a new promoter; management continuity and bancassurance access remain to be proven.
- • Unlisted shares trade at a wide dealer spread (₹450 sell / ₹599 buy on Altius) and IRDAI 'fit and proper' rules apply to larger stakes.
- • Balance-sheet figures here are modelled from headline disclosures pending verification.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Reliance GeneralThis page | ₹524.50 | ₹13,894 Cr | 41.96 | 3.85 | +9.38% |
| SBI General | ₹625.00 | ₹13,478 Cr | 24.38 | 2.68 | +11.77% |
Latest reported year: FY25 ending 31 Mar 2025.