Japanese life insurer Nippon Life’s Singapore-based subsidiary Nippon Life Asia Pacific has received approval from Indian authorities to launch a subsidiary in Mumbai, India.
Nippon Life has life insurance and asset management businesses across India through strategic investments in Reliance Nippon Life Insurance Company and Nippon Life India Asset Management.
The firm’s Asia Pacific subsidiary’s functions include market research and business management in the Asia region.
Nippon Life said to leverage geographical proximity for in-depth research and effective management and support its Indian business, it has established the subsidiary in Mumbai.
“India is an important market for Nippon Life due to its status as the world’s most populous country and its promising growth prospects,” the firm continued.
“We will continue to contribute to the development of the life insurance and asset management markets in India from a long-term perspective.
“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.”
