Reliance Nippon Life seeks partnerFebruary 14 2017 by InsuranceAsia News Staff
Reliance Nippon Life, one of the largest life insurance companies in India, is looking for a partner to merge the company with.
Sam Ghosh, group CEO of Reliance Capital, said they prefer merging with a competitor that has a strong distribution network.
Ghosh further stated that aside from a distribution network, they will also consider merging with another big company or acquiring a small bank-led firm.
Reliance Nippon Life does not currently have a joint venture with a bank.
The absence of a bancassurance deal puts Reliance Nippon Life at a disadvantage.
The company had a marginal profit in the quarter ended 31 December 2016, with new business premium dropping 25%.
Reliance Life Insurance has been in discussions with banks—private sector, public, foreign banks, and regional rural banks—to expand its distribution channel.
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