MUMBAI: The Japanese insurance major Nippon Life has received regulatory approvals to open a subsidiary in the country as Nippon Life India, headquartered in Mumbai. The India subsidiary will be housed under Nippon Life Asia Pacific, Singapore.
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. To leverage geographical proximity for in-depth research and effective management and support to our Indian businesses, Nippon Life Asia Pacific has established a subsidiary in Mumbai, Nippon Life said in a statement Thursday.
The statement said the Nippon Life subsidiary obtained approval from Indian authorities (Registrar of Companies) on April 10.
The statement further said the subsidiary will help it sharpen its India focus and the new office will leverage geographical proximity for in-depth research and effective management and support to the domestic 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 life insurance and asset management markets here from a long-term perspective, Nippon said.