Reliance Health Insurance gets IRDAI nod

Anil Ambani’s 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 company will commence operations by the December quarter of 2018. Mr. Anmol Ambani, Executive Director, Reliance Capital said, "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.”

Health insurance in India has been amongst the fastest growing insurance sectors growing at 20 per cent annually and is expected to double to over Rs.1,00,000 crore by 2021.

On Friday, despite the news, the shares of Reliance Capital closed 6 per cent down at Rs. 254. It opened at 268.10 and its 52-week high was Rs. 626 and 52 week low was Rs. 253.10 per share.