RCap to spin off health biz from general insurance
Source: Business Standard Mar 17, 2017
The board of directors of Reliance General Insurance Company (RGIL), a subsidiary of Reliance Capital, has approved the proposal to separate the health segment. Sector regulator Insurance Regulatory and Development Authority of India (Irdai) is yet to approve the plan.
Reliance Health Insurance, the proposed new company, will be a wholly owned subsidiary of Reliance Capital, a company statement said. Health insurance business, one of the fastest growing in India, is estimated to double to about Rs 50,000 crore ($8 billion) by 2020. RGIL's health insurance portfolio recorded gross premium of Rs 570 crore ($87 million) as of March 31, 2016.
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