LIC India to Enter Health Insurance Secter, Announces Health Insurer Stake Acquisition by March-End

Mumbai (CNBC) – Life Insurance Corporation of India (LIC) is expected to decide on acquiring a stake in a health insurance company by the end of March, according to its Chief Executive Officer Siddhartha Mohanty. Speaking on Tuesday, Mohanty expressed confidence that a decision would be made before the close of the financial year on March 31.

LIC, India’s largest insurer, clarified in a statement to stock exchanges that discussions are at an advanced stage but no binding agreement has been signed yet. The company also noted that there is no guarantee that the deal will be finalized.

Mohanty confirmed that LIC is not seeking a majority stake in the health insurer. “LIC will not have a 51% stake. We are exploring all possibilities,” he stated, without disclosing further details about the potential acquisition.

The move is seen as a strategic effort to strengthen its presence and diversify its portfolio in a rapidly growing market.