(IANS) Global insurance and asset management major AXA Group on Tuesday said it has hiked, to 49 percent, its stake in life and general insurance joint ventures with its Indian partner Bharti Enterprises.
AXA Group escalated its stake from 26 percent to 49 percent in life insurance Bharti AXA Life Insurance Co. Ltd, and general insurance Bharti AXA General Insurance Co. Ltd joint ventures.
“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….,” said AXA Asia CEO Jean-Louis Laurent Josi.
Bharti Enterprises MD Rahul Bhatnagar said: “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.”
In 2014-15, Bharti AXA Life registered a growth of 28 percent collecting new premiums worth Rs.470 crore while Bharti AXA GI recorded a growth of 18 percent collecting Rs.1,460 crore of gross direct premiums.
AXA Group serves 103 million clients in 59 countries employing 1,57,000 people while Bharti Enterprises operates in telecom, agri-business, financial services, retail and manufacturing sectors.