Reliance General Insurance Company (RGI), a 100% subsidiary of Reliance Capital, has approved a proposal to independently list the company on stock exchanges.

The IPO may give the company a valuation of Rs 6,000 crore. The independent listing of RGI, which was approved by its board, is expected to unlock substantial value for all stakeholders and expected to be completed by FY18 subject to necessary shareholders, regulatory and other approvals, the company said.

Separately, Reliance General Insurance would look to rope in a strategic partner.

This comes within days of another group firm — Reliance Nippon Life Asset Management Company — announcing plans to get listed.

Currently, ICICI Prudential Life Insurance is the only listed insurer in the country. Any general insurance company is yet to get listed, though ICICI Lombard and some public sector general insurers are also planning to go for listing.

RGI provides a wide range of general insurance products like fire, motor, health, home, crop, travel etc. The company grew by 40% in FY17. RGI’s gross written premium stood at Rs 4,007 crore, registering a growth of 40% as on March 31, 2017. The profit before tax stood at Rs 130 crore, up 32%, while the investment book stood at Rs 6,724 crore, up 25% for the year ending March 31, 2017.

“The general insurance industry is slated to grow with the economy where affluence led consumption will act as its primary growth driver. The coming years are likely to witness a double digit growth in the sector largely due to disproportionately low penetration of insurance,” RGI executive director and chief executive officer Rakesh Jain said.

RGI is well positioned to capitalise on opportunities across retail, corporate and government supported consumer segments, he added.

The listing will enable retail investors to participate in this high growth and new wealth creation opportunity, Jain added.

As per the listing guidelines, the company would divest at least 10% stake in the first year and scale it to 25% within three years.