Apollo Hospitals Launches Apollo 24/7 Insurance Services as New Step-Down Subsidiary

Apollo Hospitals Enterprise has announced the incorporation of Apollo 24/7 Insurance Services Limited, a wholly-owned subsidiary of Apollo Healthco Limited, which itself is a wholly-owned subsidiary of Apollo Hospitals Enterprise. This new entity was officially registered on September 3, 2024, and will function as a wholly owned step-down subsidiary of Apollo Hospitals Enterprise.

Apollo 24/7 Insurance Services Limited has been established to operate as a corporate agent for a range of insurance products, including Life Insurance, General Insurance, and Health Insurance, in accordance with the Insurance Regulatory and Development Authority (IRDA) Act of 1999. The company will engage in various activities related to the insurance business, including acting as agents, representatives, sub-insurance agents, consultants, and advisors. Additionally, it will leverage technology and online platforms to conduct its insurance-related activities.

The new subsidiary is also authorised to acquire and hold the necessary rights, titles, licenses, and permissions from government and local authorities to facilitate its operations. This move is intended to expand Apollo Hospitals’ presence in the insurance sector, enhancing its ability to offer comprehensive insurance solutions.

Apollo Healthco Limited will initially subscribe to the share capital of Apollo 24/7 Insurance Services Limited, amounting to ₹1,00,00,000. This will be represented by 10,00,000 equity shares with a face value of ₹10 each. Further capital infusion will be determined based on the company’s operational needs and requirements.

This strategic development reflects Apollo Hospitals’ commitment to diversifying its services and leveraging its expertise in the healthcare sector to offer additional value through insurance services. The incorporation of Apollo 24/7 Insurance Services Limited underscores the company’s intent to broaden its scope of operations and enhance its service offerings in the insurance industry.

On September 5, 2024, the share price of Apollo Hospitals Enterprise Ltd opened at ₹6,930.90, touching the day’s high at ₹7,010.00, as of 10:16 AM on the NSE.

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