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The deal marks Patanjali’s entry into the general insurance market and its diversification into financial services beyond ayurvedic and consumer goods. Following the transaction, Patanjali will become the promoter for Magma General Insurance, with a 98% stake, giving exit to Magma.
The insurer was valued at 1.37x its gross written premium (GWP) for FY24, with a GWP of ₹3,295 crore. Its half-year solvency ratio was 1.77 against the regulatory requirement of 1.5. Magma had reported a loss of ₹141 crore in FY24.
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https://economictimes.indiatimes.com/markets/stocks/news/magma-sells-general-insurance-business-to-patanjali-ds-group/articleshow/119002582.cms
