Insurance Regulatory and Development Authority of India gives its final approval forthe acquisition of the non-life insurance business of Bharti AXA General Insurance Company Limited by ICICI Lombard General Insurance Company Limited

Insurance Regulatory and Development Authority of India gives its final approval forthe acquisition of the non-life insurance business of Bharti AXA General Insurance Company Limited by ICICI Lombard General Insurance Company Limited

Mumbai | September 03, 2021

Further to the announcement made on August 21, 2020 regarding acquisition of the non-life insurance business of Bharti AXA General Insurance Company Limited (“Bharti AXA”) byICICI Lombard General Insurance Company Limited (“ICICI Lombard”), as a going concern, via a scheme of demerger and subsequently the approval from the Competition Commission of India (“CCI”), on November 2, 2020, issuance of the Observation Letters by BSE Limited and the National Stock Exchange of India Limited, on November 2, 2020 and November 3, 2020 respectively, In-principle approval from the Insurance Regulatory and Development Authority of India (“IRDAI”) on November 27, 2020, approval from the shareholders on February 23, 2021 and approval from The National Company Law Tribunal (“NCLT”), Mumbai bench dated May 13, 2021, IRDAI, through its communication dated September 3, 2021, has granted its final approval with respect to the said transaction.

The proposed transaction is expected to result in value creation for all stakeholders through meaningful revenue and operational synergies. Further, policyholders and partners should benefit from an enhanced product suite and deeper customer connect touch points. The employees of the combined business will also benefit via greater opportunities across functions and geographies.

About ICICI Lombard:

ICICI Lombard General Insurance Company Limited is one of the leading private sector non-life insurers
in India. We offer our customers a comprehensive and well-diversified range of products, including
motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple
distribution channels. More details are available at www.icicilombard.com

For details, contact:

Corporate Communication:

Seema Jadhav

seema.jadhav@icicilombard.com /

corporate.communication@icicilombard.com

Tel: +91 70459 26209

Investor Relations:

Sarvesh Agrawal

sarvesh.agrawal@icicilombard.com /

ir@icicilombard.com

Tel: +91 70450 91174

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', ‘expected to’, etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other related services in the countries that we operate or where a material number of our customers reside, the continued service of our senior management, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the outcome of any internal or independent enquiries or regulatory or governmental investigations, investment income, cash flow projections, impact of competition; the impact of changes in capital, solvency ratio, exposure to reputational risk, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Lombard General Insurance Company Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.