LIC trends on Google Search as it mulls ?20000000000 purchase of?

Life Insurance Corporation of India (LIC) is the country's largest insurer and it is currently trending on Google Search as it is reportedly in advanced discussions to acquire up to 50% of the stake in ManipalCigna Health Insurance. This move would mark a significant step for LIC as it seeks to expand its presence in the health insurance sector, which is currently experiencing robust growth and remains underserved. According to The Economic Times, the deal, if finalised, could help LIC tap into the growing demand for medical expense coverage in India.

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ManipalCigna Health Insurance Overview

ManipalCigna Health Insurance is a joint venture between the Bengaluru-based Manipal Education & Medical Group and the US-based Cigna Corporation. Currently, the Manipal Group holds a 51 % majority stake in the company, with the remaining 49% owned by Cigna. If the negotiations proceed as planned, both the Manipal Group and Cigna are expected to reduce their stakes in the venture proportionally to accommodate LIC's entry into the partnership.

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Valuation and Financial Details

Although the discussions are still in the early stages, industry sources have estimated that ManipalCigna could be valued at around ₹4,000 crore. This valuation is based on the company's gross written premium (GWP) of ₹1,691 crore reported last fiscal year. The deal, if concluded, could see LIC acquire a 50% stake for an estimated cost between ₹1,750 crore and ₹2,000 crore.