ICICI Lombard and Bharti AXA Combines Their Non-Life Insurance Business

In the meeting held today both ICICI Lombard and Bharti AXA’s board of directors has announced that they will be combining their non-life insurance policy business through a scheme of arrangement by signing a definitive agreement.

On this agreement, the shareholders of Bharti AXA would receive a 2% share of ICICI Lombard’s for every 115 shares of Bharti AXA held by them from the date of the agreement. This partnership will strengthen ICICI Lombard’s position in the non-life insurance sector by making it the third-largest in the sector.

This initiative also aims to generate revenue for both parties and policyholders would gain enhanced product suite and connection with customers. This would also benefit the employees to a greater extent providing opportunities in various functions and geographical locations. 

Mr. Bhargav Dasgupta, MD & CEO of ICICI Lombard General Insurance said, “This is a landmark step in the journey of ICICI Lombard and we are confident that this transaction would be value accretive for our shareholders. We are excited by the capabilities and strengths that Bharti AXA will add to our franchise. The company has a talented employee base with a strong cultural fit, and we look forward to welcoming them to the ICICI Lombard family. We would also like to reassure Bharti AXA’s policyholders and channel partners of seamless business continuity and maintaining the highest standards of customer service.”

“We are delighted that the partnership between Bharti and AXA has been successful in laying down a solid foundation in the domestic insurance landscape. Over the past few years, our business demonstrated consistent growth, forged productive partnerships and increased the distribution footprint significantly. We are confident that the proposed amalgamation of our business with ICICI Lombard will bring greater business synergies and create value for all stakeholders,” said Rakesh Bharti Mittal, Chairman of Bharti AXA General Insurance.