HDFC Ergo General Insurance, which completed the merger of L&T General Insurance, is hopeful of closing the current fiscal year with a premium at around Rs 7,500 crore, or around 20 per cent growth, reported PTI. The third largest private non-life insurer, on a standalone basis, had closed fiscal 2017 with a total premium of Rs 6,289 crore.
The company today completed the merger with L&T General Insurance, marking the first amalgamation in the country's non-life insurance sector. The market share of the merged entity is 4.9 per cent. Before the merger, HDFC Ergo was the fourth largest in terms of market share. In June 2016, the company had announced the buyout of the L&T arm for around Rs 551 crore, this was around 1.1 times the gross premium of L&T General Insurance. The merger completion happened after the National Company Law Tribunal (NCLT) and sectoral regulator Irdai approved the deal.
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