Life Insurance Corporation of India (NSEI:LICI), in an exchange filing on November 28 clarified on a recent news item regarding a potential 50% stake acquisition in ManipalCigna Health Insurance Company Limited. Business daily The Economic Times had reported that Life Insurance Corporation of India is in discussions to acquire nearly 50% stake in ManipalCigna Health Insurance as it seeks entry into the fast-growing medical expenses coverage market. As per the ET report, the two parties have signed a non-disclosure agreement and are continuing discussions for LIC to acquire about a 50% stake in the venture.
Following this report, the stock exchange had sought clarification from India's largest insurance company. In its clarification to the exchanges, LIC said, ?Life Insurance Corporation of India (?the Corporation?) evaluates and explores various strategic opportunities on an ongoing basis in various sectors, including the health insurance segment, for growth, diversification of its business, and investment opportunities. At this stage, there is no material information/event that requires disclosure under Regulation 30 of the Listing Regulations?.
Life Insurance Corporation of India is an India-based insurance company. The Company is engaged in the business of life insurance in and outside India. It offers a range of individual and group insurance solutions including participating, non-participating and unit linked lines of businesses. The portfolio comprises various insurance and investment products such as protection, pension, savings, investment, annuity, health, and variable. Its segments include Participating Life Individual, Participating Pension Individual, Participating Annuity Individual, Non-Participating Life (Individual & Group), Non-Participating Pension (Individual & Group), Non-Participating Annuity Individual, Non-Participating Variable individual, Non-Participating Health individual, Non-Participating Unit Linked and Capital Redemption, and Annuity Certain Business (CRAC). Its endowment plans include Bima Jyoti, Bima Ratna, Dhan Sanchay, Single Premium Endowment Plan, Jeevan Labh, and others.
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