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

Opening remarks and agenda

• The 29th AGM was conducted via video conference, ensuring compliance with MCA and SEBI guidelines and enabling remote participation and voting for shareholders.

• The chairperson confirmed the presence of quorum and called the meeting to order, with all board members and key executives introduced.

• Statutory and secretarial auditors were present, and relevant documents were made available for inspection electronically.

Financial performance review

• Achieved highest ever operating profit of INR 958 crores (up 26%) and PAT of INR 1,107 crores (up 53%) in FY 2024.

• Mutual Fund AUM grew 47% YoY to INR 4.31 lakh crores, making the company the fastest growing AMC among the top 10.

• Non-mutual fund business revenue grew 25% in FY 2024, with a focus on diversifying revenue streams.

• The company maintains a strong presence in small cities, with 19.5% of AUM from beyond top 30 cities.

• Digital channel contributed 60% of new purchases in FY 2024, doubling digital purchase count over the previous year.

Board and executive committee updates

• Board members and committee chairs introduced themselves, highlighting leadership in audit, nomination, CSR, and risk management.

• Nippon Life Japan reaffirmed its commitment to supporting the company’s growth, risk management, and global expansion.