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.
 Reliance Nippon Life Insurance | |
| Company type | Joint venture |
|---|---|
| Industry | Financial services |
| Founded | 14 May 2001 |
| Headquarters | Santacruz, Mumbai, India |
Key people | Anil Ambani (Chairman) Ashish Vohra (CEO) |
| Products | Life insurance Investment management |
| Total assets | ₹150 billion (US$1.8 billion)[1] |
| Parent | Reliance Capital Nippon Life |
| Website | www |
History
editThe 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
editAs 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
editSome 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
editReferences
edit- ^ "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.
- ^ a b "Reliance Life Insurance Company | IBEF". www.ibef.org. Retrieved 4 May 2021.
- ^ "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.
- ^ "Reliance Capital completes MF stake sale to Nippon Life". Business Standard. 17 August 2012. Retrieved 29 July 2018.
- ^ "Nippon Life to buy 26% in Reliance Life". Thehindu.com. 14 March 2011. Retrieved 29 July 2018.
- ^ "About reliance life insurance". Slideshare.net. 14 May 2013. Retrieved 29 July 2018.
- ^ "Reliance Capital Limited : Reliance Capital announces results for year ended March 31, 2013". 4-traders.com. Retrieved 29 July 2018.
- ^ "Reliance Capital FY13 net profit at Rs8120mn". www.indiainfoline.com. Archived from the original on 1 July 2013. Retrieved 3 February 2022.