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Three Public Sector Insurers to Merge in March 2020
In a recent announcement made by Finance Secretary Rajiv Kumar, three leading state-owned insurance companies National Insurance Co. Ltd., United India Insurance Co. Ltd., and The Oriental Insurance Co. Ltd. are going to merge by the end of March 2020.
He notified that the process of merger is at an advanced stage and will be happening soon. However, the government will take a clear look at listing the merged entity once the process is completed. Also, a capital infusion of Rs 6,950 crore has been announced in the Union Budget 2020 for these three public sector insurance companies in the next fiscal year, as partial budgetary support to overcome the solvency ratio.
However, the proposal for merger of these companies into a single entity had been announced by the then finance minister Mr. Arun Jaitley during the 2018-19 budget speech, it could not be implemented.
Written By: PolicyBazaar - Updated: 30 October 2020
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