The insurance sector has seen some consolidation and the action is expected to continue going forward, Tapan Singhel, CEO of Bajaj Allianz General Insurance Company, said.
ICICI Lombard was the first to hit the capital market this year and raised Rs 5,700 crore from the primary market. The IPO chart in this fiscal was topped by insurance firm GIC Re, which garnered over Rs 11,176 crore. This was the largest public float by any firm after the October 2010 offer by Coal India which raised Rs 15,000 crore.
GIC was followed by New India Assurance that raised Rs 9,467 crore, HDFC Standard Life (Rs 8,695 crore), SBI Life Insurance (Rs 8,386 crore) and ICICI Lombard General Insurance (Rs 5,700 crore).