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LIC evaluating health insurers to buy stake
Mint Mumbai
|November 09, 2024
MD Siddhartha Mohanty says LIC is looking to close a deal by March
Life Insurance Corporation (LIC) of India is identifying and evaluating standalone health insurers to acquire a stake in one of these by March 2025, according to MD and CEO Siddhartha Mohanty.
"The groundwork is going on. We'll have a stake in some standalone health insurer, at least within this financial year," Mohanty said during the insurer's earnings call, adding that the process is taking some time due to the number of clearances and approvals from various regulators.
"It depends on various factors; first, we have to find the proper company, complete evaluation, due diligence, etc., and then finally our board will take a call on how much stake we could take," he said, adding that there is no regulatory cap on how much stake the insurer can acquire.
The country's largest life insurer's net profit fell nearly 4% on-year to ₹7,621 crore in the second quarter ended September, partly owing to the amortization of expenses to the extent of ₹157 crore.
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