AXA and Bharti have completed the combination of their non-life operations in India into ICICI Lombard

AXA and Bharti announced today that they have completed the combination of their non-life insurance operations in India, Bharti AXA General Insurance Company Limited (“Bharti AXA GI”), into ICICI Lombard General Insurance Company Limited (“ICICI Lombard”). AXA and Bharti’s ownership of Bharti AXA GI was 49% and 51% respectively.

As the sale consideration of Bharti AXA GI, AXA and Bharti will receive a total of 35.8 million shares of ICICI Lombard, which represents Euro 664 million*,** at current market value.

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