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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
LIC shares in focus as insurer eyes stake purchase in health insurance firm before March 31
LIC shares will be in focus on Wednesday after the state-owned insurer confirmed it is in the final stages of acquiring a stake in a health insurance company, CEO Siddhartha Mohanty said on Tuesday. Without naming the target company, Mohanty stated that discussions are at an advanced stage, and a deal is expected to be announced before March 31.
«It is a natural choice for LIC to enter health insurance. Discussions are in the final stage,» Mohanty told reporters on the sidelines of the GCA25 event.
He clarified that LIC will not seek a controlling stake (51% or more), and the exact stake size will depend on the board’s decision and valuations.
Currently, life insurers in India are not permitted to offer comprehensive health coverage, including hospitalization expenses. While there have been discussions about introducing a composite insurance license, the Union Budget did not announce any regulatory changes in this regard.
Also Read: Stocks in news: Bajaj Auto, L&T, Bharti Airtel, Hindustan Zinc, Dr Reddy’s
According to media reports, LIC is considering acquiring a stake in ManipalCigna for approximately Rs 4,000 crore.
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Meanwhile, Mohanty acknowledged a slowdown in life insurance growth, particularly in terms of penetration, despite efforts to enhance insurance facilitation and shift towards a principle-based regulatory framework.
«This dual reality calls for a comprehensive review of LIC’s approach,» he said.
He emphasized that actuaries will play a crucial role in navigating these challenges,
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21.05 / 09:47
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Secured credit cards: Unlocking credit and building a credit score for millions
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