PSU Insurers Merger: Merger of PSU non-life insurers kicks off on Friday

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KOLKATA: The three public sector general insurance companies — National Insurance (NIC), Oriental Insurance (OIC) and United India Insurance (UII) — are likely to kick-start the merger process from February 16. The state-run general insurers are hoping that the merger formalities would be completed before the ‘vote on account’ next year.

Finance minister Arun Jaitley had proposed a merger of these three PSU general insurers in the Union Budget on February 1. The unified entity is likely to be listed on the stock exchanges, Jaitley had said. Another PSU general insurer New India Assurance (NIA), the biggest among PSU non-life insurers, got listed following an IPO as the first governmentowned insurer.

UII CMD M N Sarma told reporters here that the CMDs and top officials of all the three non-life companies would be meeting later this week to discuss the modalities. “This would be the first meeting regarding the proposed merger. We hope the process will be completed before the ‘vote of account’ next year,” he added. Sarma was in Kolkata on Tuesday to attend the National Insurance Assocham summit.

Earlier, NIA chairman K Sanath Kumar had also said that it was expected the merger would be completed by the end of next fiscal.

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