ICICI Lombard General Insurance Co. Ltd. and Bharti AXA General Insurance Co. Ltd., on Saturday, announced that they will combine their insurance businesses through a share swap deal, which once consummated will create the country’s third largest general insurance entity.
ICICI Lombard
ICICI Lombard is a listed insurance firm, and Bharti and AXA will be public shareholders in the combined entity after the deal.
Bharti AXA
In Bharti AXA general insurance company, Bharti Enterprise owns 51 percent and French multinational insurance firm AXA owns 49 percent
Shareholders Holdings
The shareholders of Bharti AXA shall receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them as on the date on which the Scheme of Arrangement is approved.
Merger
The proposed merged non-life insurance company is expected to earn a total annual premium of at least ₹16,447 crore on a combined basis with market share of around 8.7%.
Transaction Clearance
The Transaction to be concluded in the next One Year.
Comments from CEO of ICICI Lombard
“We are excited by the capabilities and strengths that Bharti AXA will add to our franchise… We would also like to reassure Bharti AXA’s policyholders and channel partners of seamless business continuity and maintaining highest standards of customer service.
