Thursday, May 24, 2018

India starts merger process of three state insurers

The proposed merger of India’s three state-owned general insurers — Oriental Insurance, National Insurance Company and United India Insurance — has been set in motion, as the government has held meetings leading to the merger.

While a couple of meetings have already taken place, sources said these are still preliminary in nature and that the government has yet to lay out the roadmap for the merger.

However, the merger of the three insurers was announced by finance minister Arun Jaitley in the budget speech, meaning it could take place in the next 12 months or so.

The combination of these three state-run insurers is expected to create a mammoth non-life insurance company.

The plan is to subsequently list the merged insurance entity. Last year, the three insurers collected a total combined premium of Rs440 billion (US$6.62 billion).

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