AXA and Bharti have completed the combination of their non-life insurance operations in India into ICICI Lombard General Insurance Company Limited.
The firms first announced back in August 2020 their intention to combine Bharti AXA General Insurance Company Limited into ICICI Lombard, which is one of the leading general insurance companies in India.
AXA and Bharti’s ownership of Bharti AXA GI was 49% and 51% respectively.
As the sale consideration of Bharti AXA GI, AXA and Bharti will receive a total of 35.8 million shares of ICICI Lombard, which represents €664 million, at current market value.
At the time the transaction was first announced, it was estimated that the combined entity would be ranked number three amongst non-life insurers in India, with an increased market share of ca 8.7%.