Reliance Life, controlled by billionaire businessman Anil Ambani, is aiming to break even in its next fiscal year and make a profit the year after as the group seeks to become the first life assurer to list in India.

The comments from Reliance Life, which is targeting a net profit of Rs2.5bn ($53.7m) in the year ending March 2012, come as India’s industry regulator released draft disclosure rules last week that will help prepare the way to allow listings of life insurers.