Mumbai: Nippon Life Insurance Company today signed a definitive agreement to acquire a 26 per cent stake in Reliance Life Insurance, according to a company release. The transaction pegs the total valuation of Reliance Life Insurance at approximately Rs 11,500 crore.
Nippon Life Insurance will invest an aggregate value of Rs. 3,062 crore (US 680 million) to acquire a 26 per cent strategic stake in Reliance Life Insurance.
Mr. Sam Ghosh, CEO, Reliance Capital said, “As a strategic partner, Nippon Life will bring vast experience, expertise and global best practices - in areas of product development, underwriting, investment management, distribution, customer relationship management and risk management. This partnership will accelerate Reliance Life Insurance’s vision of becoming a world class insurance company in India”.
Nippon Life is a 121-year-old Global Fortune 100 company, 6th largest life insurer in the world, and the No.1 private life insurer in Asia and Japan. In addition to selling life insurance products, Nippon Life Insurance offers various products, including defined contribution pension plans and medical coverage plans.