Siddhartha Mohanty, MD and CEO of LIC, stated that the company intends to enter the health insurance market through acquisition.

During the announcement of the company's first-quarter financial results, Mohanty stated that the company is considering an acquisition for the current fiscal year. "Rather than set up a vertical for insurance, we felt that we can acquire a company which will allow us to start selling health insurance across the country," observed Mohanty.

With more than 14.1 lakh agents, LIC has one of the biggest agency forces globally among insurance providers. Since rules allow one agent to work for both life and non-life organizations, the majority of the corporation's agents, according to reports, are already marketing health insurance for other private companies. It is anticipated that these agents would begin marketing LIC goods.

Industry insiders stated that a growing number of young consumers are actively seeking coverage, turning health insurance into a "pull" product. Agents now have the chance to interact with possible clients. It follows that the life insurance industry should gain from the availability of health insurance as well.

Star Health & Allied Insurance, Niva Bupa, Aditya Birla Health Insurance, Care Health Insurance, and ManipalCigna Health Insurance are the current five well-known standalone health insurance providers. Recently, Galaxy Health and Narayana Health, two other health insurers, were also given license by the regulatory body.

LIC announced on Thursday that its net profit for the June quarter increased by 9.6% to Rs 10,461 crore from Rs 9,544 crore during the same time the previous year.

The company's first-year premium income market share increased to 64% from 61.4% in the previous year. LIC had a 39.3% market share in the individual business sector and a 76.6% share in the group business.

Comparing the total premium income for the quarter to Rs 98,363 crore in the same quarter last year, there was a 15.7% rise to Rs 1,13,770 crore. While the group business premium increased by 30.9% to Rs 46,578 crore, the individual business premium increased by 7.04% to Rs 67,192 crore.

During the quarter, the VNB margin increased by 20 basis points to 13.9%, while the value of new business increased by 23.7% to Rs 1,610 crore. The assets under management of LIC rose by 16.2% in the past year to Rs 54 lakh crore. Furthermore, LIC's solvency ratio increased to 2 from 1.9 the year before. The enhanced operating efficiency is reflected in the total expenditure ratio, which dropped by 98 basis points to 11.9%.