Seeing the potential in the country’s health insurance sector Manipal Group increased its stake in the joint venture (JV) to 51% buying TTK Group’s entire shareholding in the company which is pending regulatory approval. It must be noted that Bengaluru-based Manipal Group entered the insurance business last year.
Ranjan Pai, chairman of Manipal Education and Medical Group (MEMG), during an interview, spoke about the group’s foray into the health insurance business, investments, opportunities, and plans ahead.
When asked about the key factor behind his investment into the health insurance space, he said, “We tried working with Cigna Corporation when they first entered India. It is our long-term play focused on our core business. Today India has a mature insurance market. People are now buying insurance products. And I feel this change started happening two-three years back. That’s the time we seriously started exploring the space and when this opportunity arrived we grabbed it. So far, it has worked out well. TTK was anyways looking at getting out of the business so we found it easier. And both Cigna Corporation.”
