LIC Health Insurance: Government company Life Insurance Corporation of India ( LIC ) may soon buy stake in a health insurance company. LIC Managing Director and Chief Executive Officer Siddharth Mohanty said that the insurance company may announce the purchase of stake in a standalone health insurance company by the end of the current financial year 25 i.e. by March 31.
However, Siddharth Mohanty did not reveal the name of the company in which LIC wants to buy a significant stake. Mohanty said on the occasion of the Global Conference of Actuaries in Mumbai, ‘We have plans and discussions with the company are in the final stages.
It is a natural choice for LIC to enter health insurance. Regulatory approvals take time, so I hope a decision will be taken within this financial year, before March 31.
LIC Health Insurance : LIC will not buy majority stake
Mohanty also clarified that LIC will not buy a majority stake in a health insurance company. In the first quarter of FY 2025, LIC had said that it wants to acquire a stake in a standalone health insurance company in FY 2025 to enter the health insurance business.
Currently, there are seven standalone health insurance companies in the market, namely Star Health and Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Health Insurance, Narayana Health Insurance and Galaxy Health Insurance.
LIC Health Insurance: Asked for long term bond from RBI
Apart from this, Mohanty said that LIC has requested the Reserve Bank of India (RBI) to issue additional long term bonds. LIC had earlier requested for 40-year bonds, which were approved by the RBI. Now LIC is in talks with RBI for 50-year and 100-year bonds.
LIC’s third quarter profit increased by 16%
The consolidated net profit of the country’s largest insurance company LIC increased by 16% year-on-year (YoY) to ₹ 11,009 crore in the third quarter (July-September) of the financial year 2024-25. The company had a profit of ₹ 9,469 crore in the same quarter a year ago.
Currently, there are seven standalone health insurance companies in the market, namely Star Health and Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Health Insurance, Narayana Health Insurance and Galaxy Health Insurance.
LIC Health Insurance: LIC asked for long term bonds from RBI
Apart from this, Mohanty said that LIC has requested the Reserve Bank of India (RBI) to issue additional long term bonds. LIC had earlier requested for 40-year bonds, which were approved by the RBI. Now LIC is in talks with RBI for 50-year and 100-year bonds.
LIC’s third quarter profit increased by 16%
The consolidated net profit of the country’s largest insurance company LIC increased by 16% year-on-year (YoY) to ₹ 11,009 crore in the third quarter (July-September) of the financial year 2024-25. The company had a profit of ₹ 9,469 crore in the same quarter a year ago.
