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AXA, Bharti To Combine Non-life Operations In India Into ICICI Lombard

French insurance firm Axa SA (AXAHY.PK) announced an agreement with India's Bharti Enterprises to combine their non-life insurance operations in India, Bharti AXA General Insurance Company Limited or Bharti AXA GI, into ICICI Lombard General Insurance Co. Ltd.

Under the deal terms, AXA and Bharti will receive a total of 35.8 million shares of ICICI Lombard, a private sector non-life insurer in India, on closing, which would represent 521 million euros at current market value.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close by fourth quarter if fiscal 2021.

The deal would result in a one-time positive net income impact of approximately 0.2 billion euros in AXA Group's FY 2021 consolidated financial statements.

In Bharti AXA GI joint venture, AXA and Bharti's ownership is 49 percent and 51 percent, respectively.

Apart from Bharti AXA GI, AXA's presence in India also comprises of its 49 percent ownership in Bharti AXA Life, a life insurance joint venture with Bharti.

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