Reliance Health Insurance, a fully-owned subsidiary company of Anil Ambani's Reliance Capital, has got the final approval from insurance regulator IRDAI to start its operations. In an exchange filing the company said, "Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital announced that it has received R3 approval from IRDAI for its new health insurance business".
The new venture of Anil Ambani will begin to operate by the December quarter of current year. "The scope of health insurance in India is massive and, given the current low penetration, is expected to grow multi-fold over the next few years. Setting up a standalone health insurance company with an extremely experienced and capable leadership will allow us to put the right kind of focus this segment requires. We are making significant investments in our technology and digital platforms which will provide a magical experience for our customers," Anmol Ambani, Executive Director, Reliance Capital said.
The company in its 32nd annual general meeting held last month told its shareholders that it is trying to pare its debt by exiting all non-financial businesses in the next 1 to 1.5 years. On the sidelines of the meet Anil Ambani said that the company is also looking to list its general insurance company in the ongoing financial year.
At the time of reporting, Reliance Capital shares were trading higher by 0.17 per cent at Rs. 269.50 on the BSE.