Reliance Capital net dips 33 percent

By SiliconIndia   |   Tuesday, May 31, 2011
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Mumbai: The company's board of directors has recommended a dividend of Rs 6.50 per equity share of face value Rs 10 each. During 2010-11, the Anil Dhirubhai Ambani Group company made a one-time provision of Rs.183.7 crore for commercial third-party motor pool losses in the general insurance business. According to industry estimates, during 2010-11, total industry losses on account of the commercial third-party motor pool stood at around Rs 4,000 crore. Third-party motor pool losses are shared by all general insurance players in proportion to their market share. In 2010-11, Reliance General Insurance, the general insurance arm of the company, witnessed a loss of Rs 310 crore, compared with a loss of Rs 91 crore a year ago. The company's total income declined by 10.4 percent to Rs 5,498.47 crore, from Rs 6,140.60 crore in 2009-10. The decline in total income was mainly due to a decline in general insurance premium and lower capital gains booked during the year, the company said in a release. The company's net worth stood at Rs 7,180 crore as on March 31.
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