National Insurance Company CMD K Sanath Kumar told news agency Press Trust of India that the company had submitted its request to sector regulator IRDA (Insurance Regulatory and Development Authority) last week after receiving the requisite clearance from the government. "After the IRDA approval, government will decide on the stake dilution and form," he said.
He added that NIC is hopeful that the IPO would hit the market by March next year as the non-life market is now quite active.
Mr Kumar said that NIC has been able to improve the solvency margins by increasing the net worth.
"The net worth has been increasing by the NCD (non-convertible debentures) issue of Rs 900 crore and also by way of increasing the book value," he said.
NIC has also submitted a roadmap to the government and the regulator, he said.
This year, NIC is aiming at a premium income collection of Rs 16,000 crore compared to Rs 14,256 crore last fiscal year, he said.