National Insurance likely to be listed by March 2015

National Insurance Company (NIC) might be listed by March 2015, following the finalisation of norms for initial public offerings (IPOs) by the Insurance Regulatory and Development Authority (Irda). Speaking to Business Standard, a senior NIC official said, "The final norms have been released by the regulator and we have started evaluating the intricacies of these. Informally, the Centre has already forwarded the message to us to be listed by March 2015." The official, however, didn't disclose the amount of funds the insurer planned to raise. "The process has just started, and financial clarity would emerge with time. But going by our size - we are already one of the biggest players in the market - the public issue shall be of a substantial size," he said.

N S R Chandraprasad, chairman and managing director of NIC, didn't respond to calls from Business Standard.

Finance ministry officials have been meeting officials from state-run general insurance companies and asking them to cut losses and consider issuing shares to the public.

NIC is one of the first public sector general insurers to have begun operations in India. As its operations have run for more than ten years, it is eligible to go public. The company was incorporated more than 100 years ago.

United India Insurance, New India Assurance and Oriental Insurance are the other public sector general insurers in India.

In the past, United India Insurance had indicated once the government gave a signal, it would be ready to go public.

This financial year, NIC aims to garner premium of about Rs 9,500 crore, compared with Rs 7,785 crore in 2011-12. The company official said motor and health insurance would be NIC's focus areas.