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 broad shareholder participation.

• The chairperson confirmed quorum and called the meeting to order, with all board members and auditors present virtually.

• The agenda included adoption of audited financial statements, confirmation of interim and final dividends, and director reappointment.

Financial performance review

• Assets under management grew 44% year-on-year, reaching INR 5.2 lakh crores, with mutual fund AUM up 47%.

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

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

Board and executive committee updates

• Board members and committee chairs introduced themselves, highlighting expertise in audit, risk, CSR, and stakeholder relations.

• Statutory and secretarial auditors attended, ensuring transparency and compliance.