Cabinet Clears Insurance Reforms, 5 Government Insurers To Get Listed
The Union Cabinet today approved a plan to publicly list five state-run general insurance companies - New India Assurance, United India Insurance, National Insurance Company, Oriental Insurance Company and General Insurance of Corporation of India. The Cabinet's decision was announced by Finance Minister Arun Jaitley today.
Mr Jaitley said that as per the listing requirements, the government's stake in the five state-run general insurance companies has to be brought down from 100 per cent to 75 per cent.
Mr Jaitley had announced in last year's Budget that the government would list state-owned general insurance companies to improve transparency and accountability.
General insurance companies offer a broad range of insurance products in areas such as travel, health, accident and automobile.
Market analysts welcomed the government's decision. The listing of five state-run general insurance companies will add to the depth of the stock markets, said R Sreesankar, head of institutional equities at Prabhudas Lilladher.
Mr Jaitley said that the government will bring down the stake thought OFS (offer for sale) or through issuance of fresh equities, a process that might happen in possibly more than one tranches.
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