LIC will soon enter the health insurance business and buy stake in a health insurance company. In the third quarter, LIC’s net profit increased by 17% to Rs 11,056 crore.
The country’s largest life insurance company, Life Insurance Corporation of India (LIC), will soon enter the health insurance business. LIC Chief Executive Siddharth Mohanty said on Tuesday that LIC will buy stake in a health insurance company in the next two weeks. Without naming the health insurance company, Mohanty said that LIC is in the final stage of talks with it and hopes that the deal will be finalized before March 31. According to some media reports, LIC is considering taking stake in Manipal Cigna Company in a deal of Rs 4,000 crore.
The country’s largest life insurance company LIC has been exploring the possibilities of entering the health insurance sector for some time. The LIC chief told reporters at the GCA25 program held here, “Joining the health insurance business is a natural choice for LIC, the discussion is in the final stage.” Mohanty said that LIC will not buy a controlling stake of 51 percent or more in the target company. The exact amount of shares to be purchased will depend on factors such as the decision of the Board of Directors of LIC and valuation.
Net profit increased by 17 percent in the third quarter
The net profit of Life Insurance Corporation of India (LIC) increased by 17% to Rs 11,056 crore in the third quarter of FY 2024-25. It was Rs 9,444 crore in the same period last year. Total income declined to Rs 2,01,994 crore in the third quarter from Rs 2,12,447 crore in the same period last year. There was a decline in net premium income. In the third quarter, LIC’s net premium income stood at Rs 1,06,891 crore, while in the same period last year it was Rs 1,17,017 crore.
Profit of Rs 29,138 crore in 9 months
LIC earned a net profit of Rs 29,138 crore in the first nine months of the current financial year (April-December 2024), which is 8.27% more than the same period last year. During this period, LIC’s total premium income registered an increase of 5.51%. During April-December 2024, the total premium income of the company stood at Rs 3,40,563 crore, while in the same period last year it was Rs 3,22,776 crore.
LIC Share Price : Big news about Life Insurance Corporation- Preparation to buy a health insurance
