Reliance Health Insurance, a wholly owned subsidiary of Anil Ambani-led Reliance Capital, has received final approval from the insurance regulator IRDAI to begin operations. The firm will start its operations by December quarter of 2018. “Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital,announced that it has received R3 approval from IRDAI for its new health insurance business,” company said in an exchange filing.
“The scope of health insurance in India is massive and, given the current low penetration, is expected to grow multi-fold over the next few years. Setting up a standalone health insurance company with an extremely experienced and capable leadership will allow us to put the right kind of focus this segment requires. We are making significant investments in our technology and digital platforms which will provide a magical experience for our customers,” Anmol Ambani, Executive Director, Reliance Capital said.
The shares of Reliance Capital were trading at Rs 269.50, up 0.17 percent on BSE today at the time of reporting.
Meanwhile, last month, Anil Ambani told shareholders at the company’s 32nd annual general meeting that Reliance Capital is trying to cut down its debt by making exit in all non-financial businesses in its portfolio in the coming 12 to 18 months. The company is also looking towards listing its general insurance firm in the existing fiscal year, he had also said.
“We want to dramatically reduce debt at the Reliance Capital, the parent company, level, considering it is a core investment company,” PTI had reported him saying at the company’s 32nd annual general meeting.