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Manipal Group to procure TTK’s stake in ManipalCigna Health Insurance

Manipal Group that is of prime importance in India’s education, IT and financial services sectors is all set to procure TTK’s stake in ManipalCigna health insurance joint venture– the standalone health insurer. Manipal Group after establishing its presence in the aforementioned sectors looks forward to penetrating the insurance sector. However, an approval from the insurance regulator – Insurance Regulatory Development Authority of India (IRDAI) is yet to be received. If the development takes place, Manipal Group will be holding 51% of the total stake in the joint venture while Cigna will increase its stake from 26% to 49%. This will eventually raise the former’s share capital from ₹250 crore to ₹350 crore.

Sandeep Patel, the CEO of ManipalCigna health insurance regards the venture to be of great significance that will focus on expanding their distribution network, bettering digital capabilities and bringing in innovation in their products and services.

ManipalCigna is a joint venture between the Cigna and the TTK Group where the former is a global insurance giant and the later is an Indian corporation. The venture has been providing health insurance services since its inception that took place in the year 2012. Post the change in stake, TTK Group is reported to be focusing on its core strength - consumer business.

The reports on the venture are in its development stage. Stay tuned with OneInsure to get further updates on the development.

(Source and Credits: The Economic Times)

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