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Report: Indian government to reduce stake in state-owned insurers

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Report: Indian government to reduce stake in state-owned insurers

India's government plans to offload part of its stake in thecountry's state-owned general insurance companies as part of plans to list theinsurers, The Financial Expressreported July 16, citing "an official with knowledge on the matter."

The government is looking to pare down its stake in theinsurers by 5% to 10% as part of their proposed IPOs, while the insurers willalso issue fresh shares, the official said.

Earlier in 2016, the government to list the country's fourstate-owned general insurers — New India Assurance Co. Ltd., , andUnited India Insurance Co.Ltd. — to strengthen the financial system.

GeneralInsurance Corp. of India, the country's only reinsurance company,is also expected to list by December, while New India Assurance's IPO isexpected early in 2017, the publication reported.

United India Insurance is also said to be its IPO, according to anearlier report.