News eDaily23 Oct 2017

India:Government-owned National Insurance plans IPO

23 Oct 2017

State-run National Insurance will become the second public sector general insurer to list in India, with it currently seeking approval from the IRDAI for an initial public offer.

“We have approached the IRDAI for an IPO earlier this month,“ said Mr K Sanath Kumar, Chairman of National Insurance. “We are looking to list the company by March.“

National Insurance is the third largest general insurance company in the country with a market share of 10.3%. The company is estimated to be valued at INR250 billion (US$3.84 billion).

New India Assurance, the biggest non-life insurer in India, is set to launch its IPO in the first week of November, government sources told Press Trust of India.

The IPO follows the INR113.-billion offering by GIC Re which will be listed on 25 October.

Currently, three insurers are listed in India and they are ICICI Prudential Life Insurance, ICICI Lombard General Insurance and SBI Life.

 

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