Nippon Life India Asset Management (NAM-INDIA) AGM 2024 summary

Opening remarks and agenda

• The 29th AGM was conducted via video conference, ensuring broad participation and compliance with regulatory guidelines.

• Quorum was confirmed, and board members, auditors, and key executives were introduced from various locations.

• The agenda included adoption of financial statements, dividend declaration, and director reappointment.

Financial performance review

• Assets under management grew 44% year-on-year, reaching INR 5.2 lakh crores.

• Operating profit reached INR 958 crores (up 26%), and PAT hit INR 1,107 crores (up 53%).

• Non-mutual fund business revenue grew 25% in FY 2024.

• Five-year revenue and PAT CAGR were 2% and 14%, with ROE at 29%-30%.

Board and executive committee updates

• Directors and committee chairs from India and Japan participated, highlighting global collaboration.

• Statutory and secretarial auditors attended, and a corporate shareholder represented 72.66% of equity.