15 March, 2011

Market dancing to my tunes ? Makes me feels good

As written just yesterday that there would be major ripples in the insurance space in India..Bulls eye. i have hit the mark.. well here it goes.. today Japanese insurance firm Nippon Life Insurance Company acquired 26 per cent stake in Reliance Life Insurance for USD 680 million (approximately Rs 3,062 crore). This transaction pegs the total valuation of Reliance Life at Rs 11,500 crore ($2.6 billion). According to available data, Nippon Life posted revenues of $72 billion and a profit of $2.6 billion during fiscal year ended March 31, 2010. It sold some 1.4 million policies during the year, taking the total number of policies in force to over 14.7 million. Reliance Life had an aggregate business premium of $1.46 billion as on March 31, 2010. It has sold over seven million policies and manages assets of over $3.7 billion. The group as a whole had total assets of over $39 billion and net worth of $19 billion

Guess this move keeps Mr. Buffet & co thinking even as they plan to expand in india......Time for some revamping Mr. Buffet.. I am prepared to hear some news from Mr . Buffet & co in less than 2 days.. watch out for the twists that will shape up for good  ( in an optimistic tone).