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Reliance General to hive off retail health business

IANS  |  Mumbai 

In an attempt to unlock value, Capital Ltd. on Thursday said its general subsidiary will hive off its retail health business into a stand-alone wholly owned health subsidiary.

In a statement issued here, Capital part of the Anil Ambani-led Group said the Board of Directors of its subsidiary General Company Ltd. has approved this proposal.

According to Capital, the hive off proposal will enhance management focus on health and provide flexibility to unlock value by bringing global leaders in this space as strategic and equity partners.

The hiving of the health portfolio into a separate company-Health Ltd. is subject to the approval of Regulatory and Development Authority of India (IRDAI), the statement said.

According to the statement, the General has recorded gross written premium of Rs 570 crore under the health portfolio as of March 31, 2016.

"Health in India has been amongst the fastest growing sectors and is expected to nearly double to nearly Rs 50,000 crore ($ 8 billion) by 2020," the statement said.

Capital has appointed Ravi Viswanath, with over 20 years global experience in health insurance, as proposed CEO of the new company.

--IANS

vj/sm/vt

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Reliance General to hive off retail health business

In an attempt to unlock value, Reliance Capital Ltd. on Thursday said its general insurance subsidiary will hive off its retail health insurance business into a stand-alone wholly owned health insurance subsidiary.

In an attempt to unlock value, Capital Ltd. on Thursday said its general subsidiary will hive off its retail health business into a stand-alone wholly owned health subsidiary.

In a statement issued here, Capital part of the Anil Ambani-led Group said the Board of Directors of its subsidiary General Company Ltd. has approved this proposal.

According to Capital, the hive off proposal will enhance management focus on health and provide flexibility to unlock value by bringing global leaders in this space as strategic and equity partners.

The hiving of the health portfolio into a separate company-Health Ltd. is subject to the approval of Regulatory and Development Authority of India (IRDAI), the statement said.

According to the statement, the General has recorded gross written premium of Rs 570 crore under the health portfolio as of March 31, 2016.

"Health in India has been amongst the fastest growing sectors and is expected to nearly double to nearly Rs 50,000 crore ($ 8 billion) by 2020," the statement said.

Capital has appointed Ravi Viswanath, with over 20 years global experience in health insurance, as proposed CEO of the new company.

--IANS

vj/sm/vt

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Reliance General to hive off retail health business

In an attempt to unlock value, Capital Ltd. on Thursday said its general subsidiary will hive off its retail health business into a stand-alone wholly owned health subsidiary.

In a statement issued here, Capital part of the Anil Ambani-led Group said the Board of Directors of its subsidiary General Company Ltd. has approved this proposal.

According to Capital, the hive off proposal will enhance management focus on health and provide flexibility to unlock value by bringing global leaders in this space as strategic and equity partners.

The hiving of the health portfolio into a separate company-Health Ltd. is subject to the approval of Regulatory and Development Authority of India (IRDAI), the statement said.

According to the statement, the General has recorded gross written premium of Rs 570 crore under the health portfolio as of March 31, 2016.

"Health in India has been amongst the fastest growing sectors and is expected to nearly double to nearly Rs 50,000 crore ($ 8 billion) by 2020," the statement said.

Capital has appointed Ravi Viswanath, with over 20 years global experience in health insurance, as proposed CEO of the new company.

--IANS

vj/sm/vt

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22