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Informist, Friday, Nov. 8, 2024

 

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--LIC: Will buy stake in standalone health insurer within FY25 
--CONTEXT: Comments by LIC management at post-earnings press conference 

 

NEW DELHI – Life Insurance Corp. of India is looking to acquire a stake in a standalone health insurance company in the current financial year ending March, its Chief Executive Officer and Managing Director Siddhartha Mohanty said at a post-earnings press conference on Friday. LIC reported a 3.8% year-on-year fall in net profit for the quarter ended September to INR 76.21 billion.

 

"The groundwork is going on," Mohanty said. "We will have some stake in some standalone health insurance within this financial year."  

 

Asked if LIC has identified the health insurance company, Mohanty said: "Talks are going on right now". On how much stake LIC will look to buy in the health insurer, the state-owned insurance behemoth's management said that would depend upon various factors, including valuation and due diligence. 

 

LIC had said in June that it has not initiated a formal proposal to enter the health insurance market through a private health insurer. Shares of LIC on Friday ended 1.6% lower at INR 914.65 on the National Stock Exchange.  End

 

Reported by Shubham Rana 

Edited by Saji George Titus

 

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