Apollo DKV Insurance to invest 5 bln rupees in India

MUMBAI, May 9 (Reuters) - Health insurer Apollo DKV Insurance Co. Ltd plans to invest up to 5 billion rupees in the next five years to increase market share, Vice Chairperson of the Apollo Hospitals Group, Shobana Kamineni, told reporters on the sidelines of a health insurance summit on Friday.

"To be a significant player we need at least 15 percent of business in the health insurance sector in India," she said.

She estimated the health insurance business in India at $1 billion now. The addressable market is the 250 million middle class Indians, she said.

The company is a joint venture between Apollo Hospitals Group, which holds 74 percent in the venture, and DKV Deutsche Krankenversicherung AG, which is a part of German re-insurer Munich Re (MUVGn.DE: Quote, Profile, Research).

Apollo Hospitals Enterprise Ltd (APLH.BO: Quote, Profile, Research) is the flagship of the Apollo Hospitals Group.

The venture has so far invested 1 billion rupees in India.

In the five months of its operations in India, Apollo DKV Insurance Co has generated 100 million rupees revenue in premiums collected. (Reporting by Bharghavi Nagaraju & Kaustav Roy; Editing by Prem Udayabhanu)