Mumbai, March 18 -- State-owned Life Insurance Corporation of India (LIC) is expected to announce the acquisition of a stake in a standalone health insurance company by the end of the current financial year (FY25), LIC's Managing Director and CEO Siddhartha Mohanty said on Tuesday, Business Standard reported.

However, he did not disclose the name of the company in which LIC plans to acquire a significant but non-majority stake.

In the first quarter of FY25, LIC had indicated its intention to enter the health insurance sector through a stake acquisition.

At present, India has seven standalone health insurers Star Health & Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Hea...