Apollo Munich Health Insurance has no IPO plans in near future, says CEO

Apollo Munich Health Insurance has no plans to come out with an initial public offer (IPO) in the near future, said its CEO Antony Jacob.

The company is a joint venture between Apollo Hospitals Group and Germany-based reinsurer Munich Re.

"The foreign partner has already raised its stake to 49 per cent last year...at the moment there is no intention of going public," Jacob said, adding that a decision in this regard, if any, will be taken by the promoters.

Recently, HDFC Standard Life Insurance Company, New India Assurance, and GIC Re hit the market through IPOs.

Munich Re bought additional 23.27 per cent stake in Apollo Munich Health Insurance from its joint venture partner Apollo Hospitals Group for Rs 164 crore last year.

Following the deal, Munich Re's holding in Apollo Munich rose to 48.75 per cent, with 51.1 per cent held by Apollo Hospitals, and the rest by employees.

Asked about business expansion plans, Jacob said, the company aims at 30 per cent growth in gross premium for the current financial year. 

"We will end the financial year with the gross premium of Rs 1,700 crore as compared to Rs 1,300 crore earned in the previous financial year," he said. 

The standalone health insurer recently introduced a new category 'Winsure' with health insurance plan called 'Health Wallet'.