its first full-year net profit at Rs 373 crore for the fiscal ended March 31, 2012. It had sold over one million policies in 2011-12 and garnered a total premium of Rs 5,498 crore in that year.
Nippon Life, Asia's largest private life insurer and seventh biggest globally with an asset size of USD 650 billion, holds a 26 per cent stake in Reliance Life, which it had acquired for over Rs 3,000 crore.
Reliance Life was the country's seventh largest private life insurer in terms of total new business premium and sixth in terms of individual new business premium for the last fiscal ended March 31, 2012. At present, the company has a market share of 4.9 per cent of the private sector life insurance industry.