Japan's largest life-insurer, Nippon Life is eyeing 26 per cent stake in Anil Ambani-owned Reliance Life Insurance Co.
The transaction pegs the total valuation of Reliance Life Insurance at approximately Rs 11,500 crore ($2.6 billion), the statement said, adding that the transaction is subject to necessary regulatory approvals.
Monsoon Clouds+Food Cravings=Pakora Time. Yay! While onion and potato bhajiyas often steal the spotlight, a humble vegetable can make an equally delicious fritter -- the eggplant, whuch we call baingan or brinjal.
The planned deal will reduce Reliance Capital's stake in Reliance Life Insurance to 51 per cent from 74 per cent.
The initial public offer (IPO) of SBI Funds Management Ltd was fully subscribed on the second day of bidding, receiving bids for 1.17 times the shares on offer, with strong interest from non-institutional investors and anchor investors.
Under 'Claims Guarantee' the company guarantees to pay claims within 12 working days of receipt of all required death claim documents from the nominee or claimant, provided full premium is paid by the policyholder for at least three policy years and the required claim application documents are submitted.
Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence. The state-owned insurer is ranked after Allianz SE, China Life Insurance Company, and Nippon Life Insurance Company. According to the report, LIC's reserves stood at $503.7 billion. Germany's Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
Paytm's parent company, One 97 Communications Ltd, has seen its domestic ownership increase to 51.6% in Q1 FY27, solidifying its status as an Indian-Owned and Controlled Company. This rise is driven by increased investments from mutual funds and insurance companies, reflecting growing investor confidence following Paytm's first full-year profit in FY26 and improved operating performance.
Paytm's parent company, One 97 Communications Ltd, has seen its domestic ownership increase to 51.6% in Q1 FY27, solidifying its status as an Indian-Owned and Controlled Company. This rise is driven by increased investments from mutual funds and insurance companies, reflecting growing investor confidence following Paytm's first full-year profit in FY26 and improved operating performance.
Readying itself for a bank licence, Anil Ambani-led group's Reliance Capital on Wednesday said Japan's Sumitomo Mitsui Bank and Nippon Life would become its strategic partners in the proposed banking venture, with each having 4-5 per cent stake.
The Prime Minister's visit to Japan reinforces the strategic focus of global partnership between India and Japan.
The Piramal group and Zurich Insurance have decided to jointly bid for Reliance General Insurance, a subsidiary of Reliance Capital. The groups had earlier submitted separate bids for the general insurance business of bankrupt Reliance Capital. Both Piramal and Zurich will hold 50 per cent each in the proposed special purpose vehicle (SPV).
Nippon Life's plan to buy a stake in Reliance Life may be delayed as the deal requires special permission from the government.
ICICI Prudential Asset Management Company has set a price band of Rs 2,061- Rs 2,165 per share for its Rs 10,600-crore initial public offering (IPO) that will open on Friday. At the upper end of the band, the country's largest asset manager will command a valuation of Rs 1.07 trillion.
The Anil Dhirubhai Ambani Group's financial services arm Reliance Capital on Friday said it has received approval from the Reserve Bank of India (RBI) for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
While most analysts had valued Reliance Capital's stake in Reliance Life Insurance at Rs. 285 per share, or about Rs. 7,000 crore, this deal values it at Rs. 468 per share of Reliance Capital, which is a huge premium.
Deal with current owner Exide may be signed next week
Reliance Capital, the financial service arm of the Anil Dhirubhai Ambani Group, has already started the due diligence process and is expected to complete this by the end of this financial year.
Private players continued to show strong momentum in the life insurance individual new business segment during August, 2023. On an aggregate, the industry registered 14 per cent growth year-on-year (Y-o-Y) compared to 15 per cent in July '23. Private players were up 21 per cent Y-o-Y, up from 16 per cent Y-o-Y in July '23, while public insurers' growth was muted at 3 per cent.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The Anil Ambani Group's financial services arm Reliance Capital on Wednesday said it has received in-principle approval from insurance sector regulator Insurance Regulatory Development Authority for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
Reliance Capital Ltd (RCL), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said. Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17, 2020. Following this, 10 new bids have come in for Reliance Capital's assets, taking the total number of bids to 70, the sources said.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
"This is a huge positive and is expected to bring in $8-10 bn capital in the industry."
Insurance sector regulator IRDAI has given conditional approval to Hinduja Group firm IndusInd International Holdings Ltd (IIHL) for the takeover of debt-ridden Reliance Capital. "We are happy to acknowledge the receipt of approval from IRDAI yesterday (May 10, 2024) on the auspicious occasion of Akshay Tritiya. "The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances," an IIHL spokesperson said in a statement.
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
RCap had proprietary investment book of Rs 2,000 crore (Rs 20 billion) as on end-March and owns stake in a host of companies.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Mutual funds (MFs) - flush with cash amid record inflows in July - invested heavily in the Rs 25,000-crore qualified institutional placement (QIP) of India's largest lender State Bank of India (SBI). Fund managers acquired SBI shares worth Rs 10,200 crore last month, making the lender their biggest buy in July.
The Hinduja group is learnt to be looking at alternative means of financing, including private credit, to fund its Rs 9,661 crore all-cash offer to acquire Reliance Capital. The regulator, Insurance Regulatory & Development Authority of India (Irdai), had earlier rejected the collateral offered by the group to raise funds. The Hinduja group was in talks with Barclays, JPMorgan, Cerberus Capital Management and Apollo Global Management to raise up to $850 million.
In the largest foreign investment in life insurance after the Reliance-Nippon deal last year, Japan's Mitsui Sumitomo (a unit of MS&AD Insurance Group Holdings) will buy 26 per cent stake in Max New York Life (MYNL) for Rs 2,731 crore (Rs 27.31 billion).
If they act now, they can reshape the strategic map of Asia without firing a shot. If they wait, the next opportunity will come only after a serious Taiwan Strait incident -- by which time the price will be far higher, and the room for boldness far smaller -- the opportunity may well be lost by then. The question is no longer whether this can or should be done, points out Varun Arya.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The landmark bill to liberalise the insurance industry, which marks Prime Minister Narendra Modi's first stab at legislative reforms, will now go to a parliamentary committee, which will submit a report later this year.
