LIC Health Insurance– India’s largest insurance company, Life Insurance Corporation of India (LIC) is expanding its services. The company is set to enter the health insurance sector by buying stake in a health insurance company.
India’s largest insurance company, Life Insurance Corporation of India (LIC), is now preparing to enter the health insurance sector. Company Chairman Siddharth Mohanty said that LIC can complete the process of buying stake in a health insurance company by the end of the current financial year.
After the announcement of LIC’s September quarter results, in a conference call on Friday, November 8, Mohanty said that work is going on in this direction and after getting regulatory approval, the company will have a stake in a standalone health insurance company. However, he has not yet revealed the name of the company in which LIC is going to invest.
Earlier, while releasing the June quarter results, Mohanty had also indicated that this government-owned company could make acquisitions in the field of health insurance in FY 2025. Along with this, commenting on the new rules of surrender value that came into effect from October 1, he said that LIC has redesigned its insurance products as per the new rules and it is fully following the rules.
LIC’s profit decreased in September quarter
LIC’s net profit in the September quarter fell by 3.75 percent to Rs 7,729 crore, which was Rs 8,030.28 crore in the same period last year. At the same time, the company’s gross non-performing assets (GNPA) stood at 1.72 percent, which was 1.95 percent in the previous quarter. LIC’s net premium income during the quarter stood at Rs 1.52 lakh crore, which was Rs 1.2 lakh crore in the same period last year. With this increase, LIC’s net premium income has increased by 11.5 percent.
The stock has strengthened by 48 percent in one year
LIC’s stock has strengthened by 48 percent in the last one year. This insurance stock has gained 6 percent in the year 2024. In the last one month, the price of LIC shares has fallen by about 6 percent. On Friday, it closed at Rs 915.55 with a decline of 1.52 percent.
