AXA: merger in non-life insurance in India
(CercleFinance.com) - AXA and Bharti have announced an agreement to combine their non-life insurance operations in India, Bharti AXA GI, into ICICI Lombard, which will result in the third largest insurance player in India, with a market share of about 8.
According to the agreement, AXA and Bharti, which respectively hold 49% and 51% of Bharti, AXA GI, will receive a total of approximately 35.8 million ICICI Lombard shares once the deal is complete, representing 521 million euros at its current market value.
The transaction is expected to generate an exceptional positive impact of about 0.2 billion euros on AXA's 2021 net income. Subject to customary conditions, including the obtaining of regulatory authorisations, it is expected to be concluded in the fourth quarter of 2021.
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