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Bharti AXA GI merges with ICICI Lombard

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Magazine Issue: 
The pandemic risk, insurers’ future Eldorado [3]
Magazine date: 
Jul 2020

MergerBharti AXA General Insurance (Bharti AXA GI), a non-life insurance subsidiary jointly owned by AXA (49%) and its Indian partner Bharti (51%), has merged with ICICI Lombard. This merger gives birth to the third largest stakeholder in the Indian non-life insurance market with a 8.7% market share.

Following this deal, which would be concluded during the fourth quarter of 2021, AXA and Bharti will receive nearly 35.8 million ICICI Lombard shares, estimated at 521 million EUR (614.5 million USD).

The transaction would enable AXA to make an exceptional net profit of approximately 200 million EUR (236 million USD) in 2021.

Read also | Indian insurance industry [4]

Tue, 25/08/2020 - 14:08

Source URL: https://www.atlas-mag.net/en/article/bharti-axa-gi-merges-with-icici-lombard

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