Reliance Nippon Life Insurance Company (RNLI) is a life insurance company in India. The firm offers life insurance products targeted at individuals and groups, catering to four distinct segments: protection, children, retirement and investment plans.
History
The company offers life insurance products aimed at individuals and groups broadly classified into four distinct segments: protection, children, retirement and investment plans. Till year 2014 it was ranked amongst the top five private sector life insurance companies in terms of individual weighted received premium (WRP) and new business WRP and had over 1 crore policy holders with a strong distribution network of over 900 branches and around 100,000 agents.[2][3][4][5]
2001
AMP Sanmar Life Insurance Company was formed
2002
AMP gets IRDA approval to commence business
2005
Reliance Life Insurance takes over AMP Sanmar
2006
Name changed to Reliance Life Insurance Co. Ltd.
2007
ISO 9001:2000 Certification
2008
Becomes 4th largest private insurer
2010
Becomes the largest private insurer in number of policies
2011
Nippon Life signs definitive agreement to acquire 26% of the company.
2016
Nippon acquires 49% stake in Reliance Life Insurance Company
Description
As of 31 March 2013, the Total Premium (net of re-insurance) was Rs. 40.15 billion, whereas new business premium stood at Rs. 13.77 billion. The company achieved a profit of Rs. 3.80 billion. The company sold 760,000 policies during 2012–13 with total managed funds valuing to Rs. 181.89 billion, through a wide network of distribution with 1,230 offices and over 124,000 advisors.
