Saturday, January 20, 2018

India’s National Insurance seeks IPO approval

National Insurance Co, a state-owned general insurance company in India, is seeking approval for a planned initial public offering (IPO) that could value the insurer at Rs250 billion (US$3.84 billion).

K Sanath Kumar, the firm’s chairman, confirmed that the insurer has approached the Insurance Regulatory and Development Authority of India (Irdai) earlier this month for an IPO scheduled in March.

National Insurance applied for approval after it cleaned up its balance sheet in the last financial year.

The state-run insurer’s solvency margin rose to 1.90 from 1.26 in the previous year as a result.

It is the third-largest general insurance company in India with 10.29% market share.

If the IPO application is approved by the regulator, it could become the second state-run general insurer to list, following ICICI Lombard, which listed this year and is trading at a market value of about Rs320 billion.

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