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Manipal buys stake to enter insurance sector

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Manipal Group, an education and medical group, and TTK healthcare will jointly hold 51 percent stake in Cigna TTK health insurance. Insurance Regulatory and Development Authority of India (IRDAI) has also given its nod for the same.

Now, as per the development, Cigna Corporation will hold its 49 percent in the Indian health insurance venture. And TTK group will share the 51 percent stake with the Manipal Group.

The two organisations are a good cultural fit, said Chairman, Dr. Ranjan Pai, Manipal Education & Medical Group.

“The combination of Cigna’s global expertise in health and wellness, its ability to offer customized solutions for the Indian market, and Manipal Group’s integrated healthcare expertise with multi-specialty hospital networks will create a true differentiation for healthcare in India,” he added.

“Our joint venture with Manipal Group will help us deliver a superior customer experience to build a differentiated market position, create a strong path for our future growth, and enable the expansion of quality healthcare to millions of people in India”, said Prasun Sikdar, MD & CEO, Cigna TTK Health.

This partnership will help to bridge the gap between healthcare delivery and healthcare financing.

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