Japanese insurance giant Nippon Life Insurance Company (Nippon Life) has unveiled plans to establish a subsidiary in Mumbai, India. The move comes after its subsidiary, Nippon Life Asia Pacific (Regional HQ) based in Singapore, received approval from Indian authorities on April 10, 2024.
The new subsidiary aims to bolster the Group’s focus on the Indian market, leveraging geographical proximity for comprehensive research and efficient management and support to the Group’s Indian businesses. Nippon Life Asia Pacific is tasked with market research and business management in the Asia region, and the establishment of the Mumbai subsidiary is expected to facilitate these functions.
Nippon Life currently operates life insurance and asset management businesses in India through strategic investments in Reliance Nippon Life Insurance and Nippon Life India Asset Management. In a statement, Nippon Life emphasized the significance of the Indian market, citing its status as the world’s most populous country and its promising growth prospects.
The company affirmed its commitment to contributing to the development of the life insurance and asset management markets in India from a long-term perspective. Nippon Life aims to enhance its profitability and ultimately provide greater benefits to its policyholders through the growth of its life insurance and asset management entities in the country.
