Reinsurance News

AXA & Bharti to combine their Indian non-life operations into ICICI Lombard

26th August 2020 - Author: Katie Baker

AXA and Bharti have announced an agreement to combine their non-life insurance operations in India, Bharti AXA General Insurance Company Limited, into ICICI Lombard General Insurance Company Limited.

axa-logoFollowing the transaction, the combined entity will be ranked number three amongst non-life insurers in India, with an increased market share of ca 8.7%.

AXA and Bharti’s ownership of Bharti AXA GI is 49% and 51%, respectively.

Under the terms of the agreement, AXA and Bharti will receive a total of 35.8 million shares of ICICI Lombard on closing, which would represent €521 million at current market value, and an implied HY 2020 P/BV multiple of more than 5 times.

The transaction is expected to result in a one-time positive net income impact of approximately €0.2 billion in AXA’s FY 2021 consolidated financial statements.


The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close by the fourth-quarter of 2021.

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