India’s state-owned general insurers may mergeFebruary 24 2017 by InsuranceAsia News Staff
Oriental Insurance, National Insurance, and United India Insurance, India’s state-owned general insurance giants, are likely to be merged to fetch stronger valuations when listed.
The three insurers hold a combined 34% of the total market share in India and have underwriting total direct premiums of more than Rs330 billion (US$494 billion).
A senior finance ministry official, however, stressed that the plan to merge the three general insurance giants is still in a preliminary stage and that the government is looking at various options.
In January, India approved to list five state-run general insurers.
The listing plans of state-owned reinsurer GIC Re and New India Assurance are already in process.
Oriental Insurance, National Insurance and United India Insurance have been struggling with their respective solvency ratios.
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