Japan's Nippon Life Insurance has established a new subsidiary in India to bolster its operations in the market, the company said recently.
Nippon Life Asia Pacific, a unit based in Singapore, formed Nippon Life India as its direct subsidiary. The new unit will provide management support and market research for Nippon Life's affiliates in India.
Until now, Nippon Life has done business in India through partially owned local entities. The life insurance division offers products to individuals and organizations while the asset management division deals in stocks, bonds and exchange-traded funds.
The Indian operations had been overseen by Nippon Life's headquarters in Tokyo, but those functions are being transferred to the Singapore subsidiary starting this fiscal year.
The new Indian subsidiary is intended to enhance collaboration with the group's local affiliates there and boost research capabilities, reported Nikkei Asia.