Insurance Regulatory and Development Authority of India gives its final approval forthe acquisition of the non-life insurance business of Bharti AXA General Insurance Company Limited by ICICI Lombard General Insurance Company Limited
Mumbai | September 0, 2021: Further to the announcement made on August 21, 2020 regarding acquisition of the non-life insurance business of Bharti AXA General Insurance Company Limited (“Bharti AXA”) byICICI Lombard General Insurance Company Limited (“ICICI Lombard”), as a going concern, via a scheme of demerger and subsequently the approval from the Competition Commission of India (“CCI”), on November 2, 2020, issuance of the Observation Letters by BSE Limited and the National Stock Exchange of India Limited, on November 2, 2020 and November 3, 2020 respectively, In-principle approval from the Insurance Regulatory and Development Authority of India (“IRDAI”) on November 27, 2020, approval from the shareholders on February 23, 2021 and approval from The National Company Law Tribunal (“NCLT”), Mumbai bench dated May 13, 2021, IRDAI, through its communication dated September 3, 2021, has granted its final approval with respect to the said transaction.
The proposed transaction is expected to result in value creation for all stakeholders through meaningful revenue and operational synergies. Further, policyholders and partners should benefit from an enhanced product suite and deeper customer connect touch points. The employees of the combined business will also benefit via greater opportunities across functions and geographies.
About ICICI Lombard:ICICI Lombard General Insurance Company Limited is one of the leading private sector non-life insurers
in India. We offer our customers a comprehensive and well-diversified range of products, including
motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple
distribution channels. More details are available at http://www.icicilombard.com