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Business News/ Companies / News/  No IPO plans in near future, says Apollo Munich CEO Antony Jacob
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No IPO plans in near future, says Apollo Munich CEO Antony Jacob

Apollo Munich Health Insurance ceo Antony Jacob says the company has no plans to come out with initial public offer (IPO) in the near future

Antony Jacob said the foreign partner has already raised its stake to 49% last year at the moment there is no intention of going public. Photo: Pradeep Gaur/MintPremium
Antony Jacob said the foreign partner has already raised its stake to 49% last year at the moment there is no intention of going public. Photo: Pradeep Gaur/Mint

New Delhi: Apollo Munich Health Insurance has no plans to come out with initial public offer (IPO) in the near future, said its ceo Antony Jacob.

The company is a joint venture between Apollo Hospitals Group and Germany-based reinsurer Munich Re. “The foreign partner has already raised its stake to 49% last year at the moment there is no intention of going public," Jacob said, adding that decision in this regard, if any, will be taken by the promoters.

Recently, HDFC Standard Life Insurance Company, New India Assurance and GIC Re hit the market through IPOs. Munich Re bought additional 23.27% stake in Apollo Munich Health Insurance from its joint venture partner Apollo Hospitals Group for Rs164 crore last year.

Following the deal, Munich Re’s holding in Apollo Munich rose to 48.75%, with 51.1% held by Apollo Hospitals, and the rest by employees. Asked about business expansion plans, Jacob said, the company aims at 30% growth in gross premium for the current fiscal.

“We will end the fiscal with the gross premium of Rs1,700 crore as compared to Rs1,300 crore earned in the previous fiscal," he said. The standalone health insurer recently introduced a new category ‘Winsure’ with health insurance plan called ‘Health Wallet’.

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Published: 10 Dec 2017, 11:28 AM IST
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