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Munich Re will acquire an additional 23.27 percent of shares of Apollo Munich Health Insurance Co. Ltd., from its joint venture partner, the Apollo Hospitals Group, India, and increase its shareholdings from 25.5 percent to 48.75 percent. The parties agreed on a purchase price of INR 163.5cr (€22.3m).

Apollo Munich Health Insurance, a private sector health insurance company, offers health insurance plans for individuals, families, senior citizens, and corporates. The products cover health insurance, travel insurance, and personal accident insurance plans. Apollo Munich Health Insurance distributes its products through agents, bancassurance, corporate agents, strategic partners, sales associates, and direct channels. The company has 100 offices across the country.

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