By Mauro Orru

AXA SA said late Friday that it has reached an agreement with Indian conglomerate Bharti to merge their non-life insurance operations in India.

The French insurance giant said Bharti AXA General Insurance Company Ltd.--the non-life insurance operations in India in which AXA and Bharti respectively own 49% and 51%--would be combined into ICICI Lombard General Insurance Company Ltd., with the transaction expected to close by the fourth quarter of 2021.

Both AXA and Bharti will receive 35.8 million shares of ICICI Lombard, representing 521 million euros ($614.5 million) at current market value.

AXA said the transaction should add roughly EUR200 million to its 2021 net income. 



  Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94