Reliance Nippon Life Insurance Company Limited
Company typeJoint venture
IndustryFinancial services
Founded14 May 2001
HeadquartersSantacruz, Mumbai, India
Key people
Anil Ambani
(Chairman)
Ashish Vohra
(CEO)
ProductsLife insurance
Investment management
Total assets₹150 billion (US$1.9 billion)[1]
ParentReliance Capital
Nippon Life
Websitewww.reliancenipponlife.com

Reliance Nippon Life Insurance Company (RNLI) is a life insurance company in India. The firm offers life insurance products targeted at individuals and groups, catering to four distinct segments: protection, children, retirement and investment plans.

History

The company offers life insurance products aimed at individuals and groups broadly classified into four distinct segments: protection, children, retirement and investment plans. Till year 2014 it was ranked amongst the top five private sector life insurance companies in terms of individual weighted received premium (WRP) and new business WRP and had over 1 crore policy holders with a strong distribution network of over 900 branches and around 100,000 agents.[2][3][4][5]

2001 AMP Sanmar Life Insurance Company was formed
2002 AMP gets IRDA approval to commence business
2005 Reliance Life Insurance takes over AMP Sanmar
2006 Name changed to Reliance Life Insurance Co. Ltd.
2007 ISO 9001:2000 Certification
2008 Becomes 4th largest private insurer
2010 Becomes the largest private insurer in number of policies
2011 Nippon Life signs definitive agreement to acquire 26% of the company.
2016 Nippon acquires 49% stake in Reliance Life Insurance Company

Description

As of 31 March 2013, the Total Premium (net of re-insurance) was Rs. 40.15 billion, whereas new business premium stood at Rs. 13.77 billion. The company achieved a profit of Rs. 3.80 billion. The company sold 760,000 policies during 2012–13 with total managed funds valuing to Rs. 181.89 billion, through a wide network of distribution with 1,230 offices and over 124,000 advisors.

Reliance Nippon Life Insurance is a part of Reliance Capital of the Reliance Anil Dhirubhai Ambani Group.[6] [7][8]

Important landmarks

Some of the important landmarks achieved by the company are:[2]

2010 - Achieves status as largest private insurer in number of policies.

2008 - Establishes as 4th largest private insurer.

2006 - Renamed to Reliance Life Insurance Co Ltd.

2005 - Acquires AMP Sanmar.

2001 - Incorporation of AMP Sanmar Life Insurance Company.

See also

References

  1. ^ "Reliance Life Insurance assets cross Rs 15,000 crore". Hindustan Times. 23 August 2010. Archived from the original on 1 November 2010. Retrieved 21 December 2010.
  2. ^ a b "Reliance Life Insurance Company | IBEF". www.ibef.org. Retrieved 4 May 2021.
  3. ^ "Govt approves 26% stake sale of Reliance life insurance to Nippon - Economic Times". Archived from the original on 2 February 2014. Retrieved 1 July 2013.
  4. ^ "Reliance Capital completes MF stake sale to Nippon Life". Business Standard. 17 August 2012. Retrieved 29 July 2018.
  5. ^ "Nippon Life to buy 26% in Reliance Life". Thehindu.com. 14 March 2011. Retrieved 29 July 2018.
  6. ^ "About reliance life insurance". Slideshare.net. Retrieved 29 July 2018.
  7. ^ "Reliance Capital Limited : Reliance Capital announces results for year ended March 31, 2013". 4-traders.com. Retrieved 29 July 2018.
  8. ^ "Reliance Capital FY13 net profit at Rs8120mn". www.indiainfoline.com. Archived from the original on 1 July 2013. Retrieved 3 February 2022.

External links

Reliance Anil Dhirubhai Ambani Group
Insurance in India
Categories