Summit Asia Investments Holdings Pte. Ltd. · 23 Sept 2025

A SUMMARY OF THE PROPOSED TRANSACTION, AS REQUIRED UNDER REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024

A. Name of the parties to the combination

1. Summit Asia Investments Holdings Pte. Ltd. (Acquirer); and

2. Liberty General Insurance Limited (Target).

(collectively referred to as the Parties).

B. Nature and purpose of the combination

3. The Proposed Transaction entails the Acquirer's proposed subscription of additional shares in the Target.

4. The Proposed Transaction is being notified under Section 5(a)(i)(A) of the Competition Act, 2002.

C. Products, services and business(es) of the parties to the combination

Acquirer

5. The Acquirer is a holding company headquartered in Singapore. It is ultimately controlled by Liberty Mutual Holding Company Inc, the parent corporation of the Liberty Mutual Group. The Liberty Mutual Group is a diversified global property and casualty insurer.

Target

6. The Target is a general insurance company in India, offering a comprehensive suite of non-life insurance products and services to individuals, families, and businesses. It is a joint venture between the Liberty Mutual Group through the Acquirer, Enam Group through Enam Securities Private Limited, and the DP Jindal Group through Diamond Dealtrade Limited.

D. Respective market(s) in which the parties to the combination operate

7. There are no horizontal overlaps, actual or potential vertical relationships, or actual or potential complementary linkages between the activities of the Parties in India, apart from those arising from the Acquirer's existing interest in the Target.

E. Green Channel Route

8. The Proposed Transaction is being filed under the Green Channel route in accordance with Section 6(4) of the Competition Act, 2002 read with Rule 3 of the Competition (Criteria of Combination) Rules, 2024. This is because it does not give rise to any horizontal overlaps, actual or potential vertical relationships, or actual or potential complementary linkages between the Parties in India.

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