Reliance Nippon Life seeks partner

February 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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