MC EXCLUSIVE Religare Enterprises likely to announce demerger and listing of Care Health Insurance 

Religare

Religare Enterprises is likely to announce the demerger of its insurance arm, Care Health Insurance (formerly known as Religare Health Insurance) and spin it off as a separate listed entity, sources aware of the matter told Moneycontrol. Sources indicate that an announcement in this regard is likely soon.

Religare's promoters, now the Burman family, which owns the FMCG behemoth Dabur, has been considering a spin-off of the insurance arm for almost a year. The health insurance arm is said to be valued at around Rs 16,000 crore. The restructuring which could result in an automatic listing of the health insurance arm is seen as a move aimed at unlocking shareholder value. Religare holds about 64 percent stake in the health insurance business, while the rest is largely held by Union Bank of India and Corporation Bank of India.

Shares of Religare currently trade at Rs 252.44 apiece, up about 7%.

An email sent to Religare seeking comments on listing of its insurance arm remained unanswered till publishing the article.

Care Health Insurance reported a gross written premium of Rs 8,318 crore in FY25, a 21% growth on a year-on-year basis. As a standalone health insurer, the company holds a market share of 5.6%.

If Religare's board of directors approve the demerger, it would be the first major corporate move by the Burman family after taking control of the lender in February 2025 following a prolonged takeover battle.