Reliance Nippon Life Insurance Company has reported a 30 per cent year-on-year increase in net profit, at Rs 65 crore in FY22.

It reported a net profit of Rs 50 crore in FY21.

The company is a joint venture between Reliance Capital and Japan's Nippon Life.

Assets under management rose 13 per cent year on year to Rs 27,619 crore at March-end 2022, against Rs 24,383 past year.

In FY22, total new business premium income increased by 13 per cent to Rs 1,282 crore against Rs 1,135 crore in FY21.

The total premium collected was up 6 per cent year on year at Rs 5,037 crore.

The company continues to be fully committed and financially stable at 235 per cent solvency, against the regulatory requirement of 150 per cent, to meet all customer claims that may arise in the times ahead, ED and CEO Ashish Vohra said.