State-owned insurer, Life Insurance Corporation of India (LIC) has responded to media reports regarding its potential acquisition of a 50% stake in ManipalCigna Health Insurance. The Economic Times had earlier reported that LIC was in advanced talks to acquire the stake, which could value the company at approximately ₹4,000 crore.

However, LIC issued a clarification through a filing to the stock exchanges, stating, “LIC evaluates and explores various strategic opportunities on an ongoing basis in various sectors, including the health insurance segment, for growth, diversification of its business, and investment opportunities. At this stage, there is no material information/event that requires disclosure under Regulation 30 of the Listing Regulations.”

The corporation further confirmed that it would make appropriate disclosures in compliance with applicable laws when required. This response follows the media speculation that ManipalCigna’s existing stakeholders—Manipal Group and Cigna Corporation—would reduce their stakes to facilitate LIC’s entry.

Also read: LIC raises stake in Patanjali Foods to 5.02% via open market purchase

While the Economic Times report suggested that LIC and ManipalCigna had signed a non-disclosure agreement and were progressing with discussions, LIC did not confirm any specifics on the deal.

Siddhartha Mohanty, LIC’s Managing Director and CEO, had earlier mentioned in a November 8 earnings call that the company was working on acquiring a stake in an existing standalone health insurance provider within the financial year.

Despite the speculation, ManipalCigna declined to comment, referring to the reports as “market speculation,” and LIC officials have not yet responded to further inquiries. The clarification has been made available on LIC’s official website

At 2:07 PM, LIC shares were trading at ₹941.85, up by ₹24.75 (2.79%) on the BSE.