Japan's SOMPO seeks control of Universal General

SOMPO of Japan is in early discussions to acquire majority control of Universal SOMPO General Insurance, aiming to cross the 51% ownership threshold following India's liberalisation of FDI norms in the insurance sector. Existing partners Indian Bank holds 28.52%, Indian Overseas Bank 18.06%, Dabur Investments 12.81% and Karnataka Bank 6% in the joint venture. Universal SOMPO's gross written premium has grown from about Rs 2,500 crore six years ago to over Rs 6,000 crore, with the insurer growing at 18% in FY26 versus the industry's 9%.