Standalone health insurance company Apollo Munich Health Insurance is looking to raise funds through the Tier II capital route. Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance said that they will raise capital that may include non-convertible debentures (NCDs) based on the growth plans.
“We will be looking for funds from time-to-time based on capital requirements. The Insurance Act now allows insurers to use Tier II capital. But, no fresh equity infusion is expected,” said Jacob.
Apollo Munich Health Insurance is a joint venture between the Apollo Hospitals Group and reinsurer Munich Re. The health insurer had collected premiums of Rs 1,300 crore in FY17 and Jacob said that they are targeting to touch Rs 1,700 crore in this fiscal.
