State-owned insurance coverage big Life Insurance coverage Company (LIC) on Friday stated it’s not seeking to enter the medical insurance market by buying an entity. The corporate stated that no formal proposal has been initiated on this regard. It additional stated that it will consider and discover varied strategic alternatives within the extraordinary 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 varied strategic alternatives within the extraordinary course and in addition inorganic choices for progress and growth of its enterprise, together with strategic partnerships and funding alternatives,” LIC stated in a regulatory submitting.
Earlier, a report in Mint stated that LIC is seeking to purchase one among India’s 5 non-public well being insurers in a bid to enter the medical 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 give attention to varied 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 major market share of 58.87% in first-year premium earnings as of March 2024. The corporate’s property beneath administration (AUM) amounted to Rs 51.21 lakh crore by the shut of the March quarter.
