General Insurance Companies Merged
Three public sector general insurance companies nic united india assurance and oriental india insurance will be merged into a single insurance entity and will be subsequently.
General insurance companies merged. It approved a fund infusion of rs 12 450 crore to improve their financial health. The union cabinet on wednesday decided to halt the merger process of three state owned general insurance companies national insurance oriental insurance and united india insurance. These three unlisted companies will likely be merged in the fourth company new india insurance which is a listed company shah said. In 2017 allianz made its first major foray into the british insurance market buying a 49 stake in lv s general insurance business to become the third biggest insurer in the market.
This will ensure just one government company in the general insurance space. The merger of national insurance company united india insurance company and oriental india insurance company was first announced in the budget 2018 19 and the government intended to complete the process in current fiscal itself. Whether the merger will help in lowering losses from core operation will depend on how the merged entity goes about cutting costs. The three companies national insurance united india assurance and oriental india insurance together had over.
Strike a better ipo price the competition between the three public sector insurance companies will be eliminated after the merger. The government s plan to infuse money in the three insurance companies is with the aim to improve their financial position. These three companies are bleeding and have low reserves. To boost reserves the government has to invest.
Even though the general insurance corporation and new india assurance company ventured into the public stock market they performed poorly. The public sector insurance companies reported a combined underwriting loss of rs 15 591 crore in 2016 17. The merger of national insurance company united india insurance company and oriental india insurance company was first announced in the budget 2018 19 and the government intended to complete the process in current fiscal itself. The government expects to complete the merger of three state owned general insurance companies by 2019 20.
The government aims to complete merger of three state owned general insurance companies national insurance co ltd united india insurance co ltd and oriental insurance co ltd by the end of march finance secretary rajiv kumar said respective boards of the three companies have already given their in principal approvals for the merger. Facts figures of merged insurance entity as per the data of march 31 2017.
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