Bharti AXA's non-life insurance biz to merge with ICICI Lombard

ICICI Lombard General Insurance said that it will merge Bharti AXA's non-life insurance business with itself through a share swap deal. The deal will create India's third largest non-life insurer with an annual premium of ₹16,447 crore and a market share of nearly 8.7%. Bharti AXA's shareholders will receive two shares of ICICI Lombard for every 115 Bharti AXA shares.

Ref: IS