Making a substantial play to
establish itself in India’s life market, Japan’s largest life
insurer Nippon Life has agreed to acquire a 26% stake in Indian
life insurer Reliance Life.
If Nippon receives approval
from India’s Insurance Regulatory and Development Authority, the
$680m deal will be the largest foreign direct investment yet in
India’s financial services industry.
Go deeper with GlobalData
A big prize for Nippon Life,
Reliance Life ranks as one of the top-four among India’s 22 private
life insurers and, according to Nippon Life, currently has a market
share of 10.2% in the private life sector.
In its financial year to 31
March 2010, it reported total premium income of $1.46bn and at the
end of 2010 had total assets of $3.7bn. Reliance Life operates
1,250 offices and employs some two million agents.
Reliance Life was founded in May 2001 as AMP Sanmar and
acquired by Indian financial services company Reliance Capital in
October 2005. Reliance Capital is a unit of Indian conglomerate
Reliance ADA Group.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
