Reliance Capital today receives Rs 378 crore from Nippon Life Insurance

Reliance Capital Ltd., the holding company of Reliance Nippon Life Asset Management Limited (RNAM), has today received Rs. 378 crore from Nippon Life Insurance, a Fortune 500 company and one of the largest life insurers in the world, upon completion of the transaction for increasing NLI’s equity stake in RNAM to 49%.

 Reliance Capital will book capital gains on this final transaction in Q3 ending September 30, 2017.RNAM is the largest asset manager in India in terms of AUM, managing Rs. 3,58,059 Crore (US$ 55.2 Billion) as of March 31st, 2017, across mutual funds, pension funds, managed accounts and  b offshore funds.

 RNAM offers a well-rounded portfolio of products that meet varying investor requirements and constantly endeavors to launch innovative products and customer service initiatives to increase value to investors. During the year ended March 31, 2017, the Company announced a YoY increase of 25% in its AUM to Rs 3,58,059 crore (US$ 55.1 Billion); a YoY increase of 9% in its Total Income to Rs 1,436 crore (US$ 221 million) and a 16% increase in its PBT to Rs 581 crore (US$ 90 million).

Nippon Life Insurance is already a strategic partner in RNAM. Nippon Life Insurance acquired 26 per cent stake in RNAM (formerly known as Reliance Capital Asset Management) in 2012. Thereafter, Nippon Life has increased its stake to 49% in various tranches, reflecting the success of the partnership. Nippon Life Insurance is an over 125 years old insurer and a Global Fortune 500 company that manages over US$ 530 billion (Rs 34.45 Lakh crore) in assets - amongst the largest total assets in the world for any life insurer. The company is one of the largest life insurers in the world