The Hindu : Business : Apollo to enter health insurance

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Thursday, Oct 12, 2006
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Apollo to enter health insurance

Special Correspondent

Ropes in European insurer as partner

CHENNAI: Apollo Hospitals group has decided to make a foray into health insurance field. It has roped in DKV Deutsche Krankenversicherung, a leading private health insurer in Europe. The two have moved the Insurance Regulatory and Development Authority (IRDA) and other statutory authorities seeking approval for their proposed joint venture.

Apollo Hospitals Enterprises will hold 20 per cent stake in the joint venture and its associate 54 per cent. The balance will be held by DKV.

The promoters are hoping for the business launch of the venture on April 1, 2007. "Due to their different strengths, the two companies will complement one another in an excellent manner," a release quoted Prathap C. Reddy, Chairman of the Apollo Hospitals group, as saying.

Apollo Hospitals Group is seeking to be an integrated healthcare player. And, the proposed entry into health insurance is logical as it strives to create an access infrastructure.

The new joint venture, the release said, would begin its business with in-patient products as well as travel health insurance products.

DKV has offices in nine countries and written premium worth Euro 4.8 billion in 2005.

It is a member of Munich Re, one of the world's largest re-insurers and financial services providers.

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