Nippon Life Insurance, an insurance firm from Japan, has announced the establishment of its newest subsidiary in India, according to a report by Nikkei Asia.
The firm stated that the launch of the new subsidiary in the country will help in bolstering its operations in the market. Singapore-based unit Nippon Life Asia Pacific has formed Nippon Life India as its direct subsidiary, which will provide management support as well as market research for the affiliates of Nippon Life located in India.
Nippon Life said that India was an important market to the firm as it was the world’s most populous country and that it had promising growth prospects.
Prior to the launch, the firm had only been conducting its business in the country through partially owned local entities. With the new subsidiary, the life insurance division will be offering products to individuals as well as organizations while the asset management division will be dealing with stocks, bonds, and exchange-traded funds.
The firm’s operations in India had been managed by Nippon Life’s headquarters, which is located in Tokyo. However, such functions were being transferred to its subsidiary in Singapore at the start of the new fiscal year.
The goal of the new subsidiary in India is meant to further enhance collaboration within Nippon Life’s local affiliates in the country as well as boost its capabilities when it comes to the line of research.
