Money & Banking

AXA hikes stake in life, general insurance ventures

Our Bureau | | Updated on: Jan 22, 2018

AXA and Bharti Enterprises announced today that AXA had increased its stake from 26 per cent to 49 per cent in its life and general insurance joint-ventures in India, Bharti AXA Life Insurance Co Ltd and Bharti AXA General Insurance Co Ltd. This operation further strengthens the existing partnership between Bharti and AXA in India, and demonstrates the agility and commitment of both parties in further expanding their operations in the country.

In fiscal year 2014-2015, Bharti AXA Life recorded Rs 470 crore of new business collected premiums, achieving a yearly growth of 28 per cent on average over the past three years. In the same fiscal year, Bharti AXA GI recorded Rs 1,460 crore of gross direct premiums, achieving a growth of 18 per cent on average over the past 3 years.

"This transaction confirms AXA's long-term commitment towards the Indian insurance market and is another step in our development in Asia. India is one of the most dynamic insurance markets in the world and we remain fully confident in the capacity of our joint-ventures to continue building upon and developing our operations as an innovative and customer-focused insurer to offer services and products of high quality to our customers. Our long-standing partnership with Bharti, a leading Indian conglomerate, positions us ideally to succeed in this highly promising market", commented Jean-Louis Laurent Josi, CEO of AXA Asia.

“This is a significant milestone in the journey of the Bharti-AXA joint ventures, and underlines the partnership’s long-term commitment to the Indian market. We remain committed to servicing our customers through innovative and quality product solutions.” added Rahul Bhatnagar, Managing Director & CFO, Bharti Enterprises.

Published on December 01, 2015
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