Religare Health Insurance Company Limited (RHICL), one of the standalone health insurance companies in India, is targeting to breakeven by March 2018. Anuj Gulati who is the company’s Managing Director & CEO shared this information recently. The company also aims to raise additional capital of Rs. 100 crores in this financial year to fund its business expansion plan.
Health insurance segment is one of the fastest growing segments in insurance industry. In addition to Religare Health, there are four other standalone health insurance companies in India.
RHICL commenced its operation in the year 2012 and has seen its income growing by more than 10 times in the span of 4 years. In the year 2012–13 the premium income of the company stood at Rs.38 crores which increased to Rs.150 crores in the year 2013 – 14. The income gradually went up to Rs.276 in the fiscal 2014–15 and the total income closed for March 2016 amounted to Rs.503 crores.
Health insurance industry, during the period 2012–13 to 2015–16 has witnessed a healthy growth. The aggregated premium collected by all health insurance companies stood at Rs.17,000 crores in the year 2012–13, while it stood at Rs.27,000 crores in the year 2015–16.
Religare is promoted by the founders of Fortis Hospitals, which owns or manages 68 hospitals in India. Religare Enterprise holds 90% stake in the health insurance company while Union Bank of India and Corporation Bank holds 5% each in the company.
Location – Mumbai
Date – 21st April, 2016