LIC gains 3% in advance talks with a standalone health insurance company

Life Insurance Corporation of India (LIC) shares advanced 2.6 per cent in trade on BSE, logging an intraday high at Rs 777.7 per share. The scrip extended its rally for the third consecutive session and gained nearly 4 per cent.

 

The demand for the stock came after the company clarified through a filing that it is in advanced talks with a standalone health insurance company to acquire a substantial stake, to broaden the corporation’s footprint in the health insurance market. 

 

Around 11:37 AM, LIC share price was up 2.4 per cent at Rs 775.8 per share on BSE. In comparison, the BSE Sensex was up 0.20 per cent at 75,451.78. The market capitalisation of the company stood at Rs 4,90,693.32 crore. The 52-week high of the stock was at Rs 1,221.5 per share and the 52-week low was at Rs 715.35 per share.  ALSO READ | Stock Market LIVE Updates: Sensex, Nifty rangebound; SMIDs up 2%; PSB, Metal, Realty gain; IT down

 

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"We hereby clarify that Life Insurance Corporation of India (the Corporation) is in advanced talks with a standalone health insurance company to acquire the substantial stake, to broaden corporation’s footprint in the health insurance market," the filing read.

 

The filing further read that the corporation is still in advanced talks and no binding agreement has been entered into. The execution and ultimate consummation of the deal is subject to various factors, including approval of the board of directors of the corporation, regulatory approvals and other approvals, if any, before executing any binding agreements. 

 

There can be no guarantee or assurance of the execution/ consummation of the potential deal.

 

LIC is one of the largest and most prominent life insurance companies in India. Headquartered in Mumbai, it offers a diverse range of insurance products, including term insurance, endowment plans, pension plans, and health insurance.   ALSO READ | BSE, Zomato, Tanla: 1 in 10 Nifty500 stocks up over 3% today; how to trade?

 

The company continues to expand its global presence, with operations in the UK, Singapore, Nepal, and Mauritius. Despite its size, LIC remains deeply committed to the financial inclusion of underserved communities through micro-insurance products. With its solid financial foundation and a wide array of products, LIC aims to maintain its leadership in the Indian insurance market while embracing digital innovations for future growth.

 

In the past one year, LIC shares have lost 13.8 per cent against Sensex's rise of 4.5 per cent.