Aditya Birla Nuvo ties up with S African co to enter health insurance market

PTI New Delhi | Updated on January 24, 2018 Published on June 04, 2015

Kumar Mangalam Birla, Chairman, Aditya Birla Group (file photo)

Diversified entity Aditya Birla Nuvo Ltd (ABNL) today announced the formation of a joint venture with MMI Holdings — a South African insurance-based financial services group — to enter Indian health insurance and wellness market.

“As per the agreements, ABNL will hold 51 per cent share in the joint venture company named Aditya Birla Health Insurance Co Ltd (ABHICL), subject to the regulatory approvals,” the company said in a filing to the BSE.

ABHICL is in the process of making an application to the Insurance Regulatory and Development Authority of India for obtaining a licence to start health insurance and wellness business operations, it added.

“The company expects to commence operations in the next 12-15 months,” the filing said.

ABNL already has presence in a different segments of financial services, including Birla Sun Life Insurance Company (BSLI) — a 74:26 joint venture of Aditya Birla Nuvo and Sun Life Financial, an international financial services organisation from Canada.

According to the company’s website, it has assets under management worth $4.8 billion.

MMI, which has a market capitalisation of 26.7 billion rand, is mainly into long and short-term insurance, asset management, savings, investment, healthcare administration, health risk management, among others.

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Published on June 04, 2015
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