AXA, Bharti to Combine Non-Life Operations in India
By Mauro Orru
AXA SA said late Friday that it has reached an agreement with
Indian conglomerate Bharti to merge their non-life insurance
operations in India.
The French insurance giant said Bharti AXA General Insurance
Company Ltd.--the non-life insurance operations in India in which
AXA and Bharti respectively own 49% and 51%--would be combined into
ICICI Lombard General Insurance Company Ltd., with the transaction
expected to close by the fourth quarter of 2021.
Both AXA and Bharti will receive 35.8 million shares of ICICI
Lombard, representing 521 million euros ($614.5 million) at current
AXA said the transaction should add roughly EUR200 million to
its 2021 net income.
Write to Mauro Orru at firstname.lastname@example.org; @MauroOrru94
(END) Dow Jones Newswires
August 24, 2020 01:18 ET (05:18 GMT)
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