Manipal group set to own 51% stake in health insurance JV with Cigna

Manipal group is all set to increase its stake to 51 per cent in the joint venture standalone health insurance company ManipalCigna Health Insurance. The company has received all regulatory approvals from insurance regulator IRDAI.

The earlier joint venture partner, TTK group, will exit the business entirely and US based global health service provider Cigna Corporation will hold 49 per cent in the joint venture.

The company was earlier going by the name of Cigna TTK health insurance.

“We believe the combination of Manipal Group’s integrated healthcare expertise with multi-specialty hospital networks and Cigna‘s global expertise in health and wellness, positions ManipalCigna Health Insurance Company as a truly differentiated healthcare provider for people across India”, said Ranjan Pai, Chairman, Manipal Edu and Medical Group.

The standalone health insurance provider has a distribution network of over 20,000 agents and is present in over 7,000 point of sales locations across the country through its distribution network. ManipalCigna also has tie-ups with 17 leading Banks, NBFCs and MFIs for distributing health insurance solutions and has a network of over 6500 trusted hospitals across cities & tier II and III towns in India, the company said in a statement.

“We strongly believe our new  joint venture with Manipal Group will now allow us to further expand our existing relationships, explore new markets, and drive innovative solutions and capabilities to better serve our customers, employees, clients, and partners”, said Jason Sadler, President, Cigna International Markets.

Earlier, private equity firm True North acquired 51 per cent stake in Max Bupa health insurance for Rs 511 crore from Delhi based Max group.