Japanese Insurance behemoth Nippon Life Insurance Company has announced that its subsidiary, Nippon Life Asia Pacific based in Singapore has obtained approval from Indian authorities to establish a subsidiary in Mumbai, India.
As per an official statement by the insurer, the Insurance Regulatory and Development Authority of India (IRDAI) approval came in on 10 April, 2024. It notified that the 100% subsidiary, Nippon Life India will be headed by Yosuke Nakano as the Chief Executive Officer,
Through this strategic expansion, the Nippon Life Asia Pacific aims to leverage geographical proximity for in-depth research and effective management and support its Indian businesses.
“India is an important market for Nippon Life due to its status as the world’s most populous country and its promising growth prospects. We will continue to contribute to the development of the life insurance and asset management markets in India from a long-term perspective,” the insurance major said.
Nippon Life operates life insurance and asset management businesses in India through strategic investments in Reliance Nippon Life Insurance Company Limited and Nippon Life India Asset Management Limited.
Nippon Life Asia Pacific’s functions include market research and business management in the Asia region.
“Through the growth of our life insurance and asset management entities, we aim to enhance Nippon Life’s profitability and ultimately enhance benefits for our policyholders,” it added.