New Zonal Manager of LIC
J S Tolia has taken charge as the new zonal manager in charge, LIC of India, Eastern Zone. Mr Tolia Joined LIC in 1989 as direct recruit officer.
Life Insurance Corporation of India (LIC) is likely to announce the acquisition of a stake in a standalone health insurance company by the end of the current financial year, Siddhartha Mohanty, Managing Director and Chief Executive Officer of LIC said.
Speaking on the sidelines of the Global Conference of Actuaries in Mumbai, the LIC chief said, “We have plans for the acquisition and the discussions are at the final stage. It is a natural choice for LIC to enter health insurance.”
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“Since regulatory approvals take time, I am hopeful that a decision will be taken within this financial year, before March 31,” he added.
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The CEO said the LIC is not looking to acquire a majority stake, without sharing further details on the potential deal. “LIC will not have a 51 per cent stake. We are exploring all possibilities.”
“Our people are discussing this from time to time with RBI, and they are also considering this,” CEO Mohanty said.
“We are long-term investors. We have contractual obligations to pay back as per the contract. So, I have to manage investments and asset-liability management properly… Western countries have long-term bonds,” Mohanty said.
Notably, in the current ecosystem, there are seven standalone health insurance companies. These are Star Health & Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Health Insurance, Narayana Health Insurance, and Galaxy Health Insurance.
In the October to December quarter, LIC reported a 17 per cent YoY increase in net profit, which rose to Rs 11,056 crore, compared to Rs 9,444.42 crore in the same quarter last year.
LIC’s net premium income saw a decline of 8.6 per cent YoY, dropping to Rs 106,891.48 crore from Rs 117,016.93 crore.
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