State-owned insurance company National Insurance Company is looking to list by March 2018. The company which has received an in-principle approval from Insurance Regulatory and Development Authority of India (IRDAI) may require higher amount of funds than the ones that got listed recently.
K Sanath Kumar, chairman and managing director, National Insurance Company, said: “We are hopeful of getting listed by March 2018 and working towards it. We will need adequate amount of funds to support out growth path.”
In the general insurance space, ICICI Lombard General Insurance and New India Assurance got listed recently. State-owned reinsurer General Insurance Corporation of India (GIC Re) was also listed in October.
National Insurance, which had its solvency drop to below 1.5, was able to bring it back to the minimum required level of 1.5. The solvency was taken up to 1.9 by reduction in exposure to loss- making group health cover, re-pricing of health and motor products as well as lower subordinate debt.