AXA Group exits ICICI Lombard

Societe Beaujon sold 3.85% stake in the insurer via bulk deal on Tuesday (5 October 2021).

As per the bulk deal data on the BSE, Societe Beaujon sold its entire holding of 1.75 crore shares (3.85%) in ICICI Lombard General Insurance at Rs 1,540.13 per share on Tuesday (5 October 2021).

Societe Beaujon is the investment holding company of AXA Group, a French multinational insurance firm.

ICICI Lombard General Insurance and erstwhile Bharti AXA General Insurance had entered into definitive agreements wherein the general insurance business of erstwhile Bharti AXA was demerged into ICICI Lombard. The transaction came into effect on 8 September 2021 after receipt of necessary approvals from The National Company Law Tribunal (NCLT) and the Insurance Regulatory and Development Authority of India (IRDAI).

Erstwhile Bharti AXA General Insurance was a joint venture between erstwhile Bharti Enterprises and AXA, with 51% stake from erstwhile Bharti Enterprises and 49% stake of the AXA Group.

ICICI Lombard's net profit declined 61.9% to Rs 151.63 crore on 20% rise in total income to Rs 3,414.09 crore in Q1 FY22 over Q1 FY21.

ICICI Lombard is one of India's largest private sector general insurance companies based on gross direct premium. Its parent ICICI Bank holds 48.1% stake in the company as of 23 September 2021.

Shares of ICICI Lombard rose 0.17% to Rs 1550.85. The stock hit a high of Rs 1562 and a low of Rs 1546.45 so far.

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