Reliance Nippon Life Insurance Company (RNLIC)
Reliance Nippon Life Insurance Company is amongst the leading private sector life insurance companies in India in terms of individual WRP (weighted received premium) and new business WRP. The company is one of the largest non-bank supported private life insurers with over 10 million policyholders, a strong distribution network of over 700 branches and over 75,000 advisors as on March 31, 2017. The company holds one of the top Claim Settlement Ratios in the industry which stands at 95.21% as of March 31, 2017.
Rated amongst the Top 4 Most Trusted Life Insurance Service Brands by Brand Equity‘s Most Trusted Brands Survey 2016, the company’s vision is “To be a company people are proud of, trust in and grow with; providing financial independence to every life we touch.” With this in mind, Reliance Nippon Life caters to five distinct segments, namely Protection, Child, Retirement, Saving & Investment, and Health; for individuals as well as Groups/Corporate entities.
Reliance Nippon Life Insurance Company is a part of Reliance Capital, one of India's leading private sector financial services companies, which ranks among the top private sector financial services and non-banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life & general insurance, proprietary investments, private equity and other activities in financial services.
In FY'16, post the enabling regulations, Nippon Life increased its stake in Reliance Life from 26% to 49%, subsequent to the receipt of all regulatory approval. Nippon Life Insurance, also called Nissay, with 25% market share is Japan's largest private life insurer with revenues of Rs. 3,66,198 crore (US$ 55 Billion) and profits of over Rs. 41,380 crores (US$ 6 billion) as of Mar 31, 2016. The Company, with over 29 million policies in Japan, offers a wide range of products, including individual and group life and annuity policies through various distribution channels and mainly uses face-to-face sales channel for its traditional insurance products. The company primarily operates in Japan, North America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 114th in Global Fortune 500 firms in 2016.
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