In an effort to revive its general insurance business, Reliance Capital may set up a separate health insurance company and collaborate it with ManipalCigna. In this JV Reliance Capital will replace the Indian Manipal group, while forming alliance with U.S. based healthcare insurer Cigna Corporation.
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Currently, Reliance General is in partnership with Japan's Nippon Life and serving the Indian insurance sector.
Mr. Sam Ghosh, CEO of Reliance Capital, said, “Both Manipal and Cigna are committed to serving the Indian Insurance market. Reliance General has earned an income worth Rs 500 crore from the premiums, and the health insurance segment has contributed 20%. We are positive that the trends of 2014-15 will continue to grow.”
Reliance General’s portfolio grew 10% with reported net profit worth Rs 18 crore in March 2014-15, as compared to 14% growth witnessed in previous year with Rs 27 crore revenues, and Rs 7 crore refunds paid to health insurance policyholders.
Post the Indian government nod to 49% FDI in the insurance sector, several multi-national insurance companies have begun to form collaboration with Indian companies. For instance, US-based Aetna and South Africa's Discovery are seeking JV with Indian insurance providers to launch their health insurance subsidiaries in the country.
Health insurance was earlier clubbed with general insurance, but with the amendment to the insurance Bill, the Regulatory and Development Authority (IRDAI) will soon establish new rules to operate the health insurance business in India.
IRDAI proposes to lower the capital investment for health insurance to 100% from the current 150%. Furthermore, it will now be mandatory for insurance companies to maintain adequate funds for solvency margins.
Presently, five autonomous companies govern the Indian health insurance segment. Recently, South Africa-based MMI Holdings and Birla have filed their applications with IRDAI to seek permission to operate in the health insurance sector. It is a rapidly emerging sector, with recorded growth rate of 20% against 9% for other segments in 2014-15.
Source: This news was published on June 2, 2015 in economictimes.indiatimes.com under the title: “Reliance Capital may spin off health insurance business”
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