Nippon Life Insurance hikes stake in Reliance Life to 49 percent for Rs. 2,265 crore

In addition, the Japanese company has also committed an investment of Rs. 3,303 crore for acquiring 49 percent stake in Reliance Capital Asset Management, taking its total investment to Rs. 8,630 crore. “This additional investment represents not only the past efforts and initiatives, but also the good relationship between both companies going forward, and we are pleased to be able to further strengthen this partnership in various fields. We believe our past and future ties will become a great role model for India-Japan business partnerships,” said Yoshinobu Tsutsui, President, Nippon Life Insurance.

Reliance Life Insurance recorded a new business premium of Rs. 601 crore and renewal premium of Rs. 673 crore for the quarter ended September 30, 2015. Funds under management totalled Rs. 15,524 crore. In line with the new shareholding structure, the name of the company will also be changed to Reliance Nippon Life Insurance Company Limited.