The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body under the jurisdiction of Ministry of Finance, Government of India. The agency has been tasked with regulating and licensing the insurance and re-insurance industries in India.

The grant of aforementioned license will held the company diversify into health insurance business through the subsidiary and thereby, enabling Narayana Hrudayalaya to offer an integrated healthcare solution to the general public as a healthcare service provider.

The said license has no specific validity period. However, the license shall be renewed on annual basis in terms of Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000.

Narayana Hrudayalaya is one of the leading healthcare service providers in India, operating a chain of multispecialty, tertiary, and primary healthcare facilities. The company has a network of 19 hospitals and 3 heart centers across India along with overseas presence at Cayman Islands, with over 5,820 operational beds and a capacity of over 6,090 beds.

The company reported 34.2% rise in consolidated net profit to Rs 226.58 crore on 14.3% increase in revenue from operations to Rs 1,305.25 crore in Q2 FY24 over Q2 FY23.