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State-owned insurance coverage big Life Insurance coverage Company (LIC) on Friday mentioned it’s not trying to enter the medical health insurance market by buying an entity. The corporate mentioned that no formal proposal has been initiated on this regard. It additional mentioned that it could consider and discover numerous strategic alternatives within the unusual course.
“On this regard, pursuant to Regulation 30(11) of the Itemizing Laws, we hereby make clear that at current, no such formal proposal has been initiated. Nonetheless, the Life Insurance coverage Company of India evaluates and explores numerous strategic alternatives within the unusual course and likewise inorganic choices for development and growth of its enterprise, together with strategic partnerships and funding alternatives,” LIC mentioned in a regulatory submitting.
Earlier, a report in Mint mentioned that LIC is trying to purchase one among India’s 5 personal well being insurers in a bid to enter the medical health insurance sector in India.
On Friday, LIC shares closed at Rs 1,067 apiece.
The event adopted days after LIC Chairman Siddhartha Mohanty had spoken about exploring “inorganic” choices for the corporate’s new initiative. Mohanty had earlier shared: “We intend to focus our strategic interventions to maximise our market share throughout classes. On the similar time, our sharp concentrate on numerous parameters which create superior worth for all stakeholders shall proceed, as demonstrated.”
LIC holds a dominant place within the Indian life insurance coverage sector, commanding a big market share of 58.87% in first-year premium earnings as of March 2024. The corporate’s belongings beneath administration (AUM) amounted to Rs 51.21 lakh crore by the shut of the March quarter.
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