1. AXA raises stake in insurance JVs with Bharti

AXA raises stake in insurance JVs with Bharti

French insurer AXA has increased its stake in life and general insurance joint ventures with Bharti Enterprises in India from 26% to 49% for an undisclosed amount, the company said in a release.

By: | Mumbai | Published: December 2, 2015 12:14 AM

French insurer AXA has increased its stake in life and general insurance joint ventures with Bharti Enterprises in India from 26% to 49% for an undisclosed amount, the company said in a release. In the last few months, several foreign players have hiked their stake in their insurance business with Indian partner.

“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 Jean-Louis Laurent Josi, CEO of AXA Asia.

In FY15, Bharti AXA Life recorded Rs 4.7 billion of new business collected premiums, achieving a yearly growth of 28% on average over the past 3 years. In the same fiscal year, Bharti AXA GI recorded R14.6 billion of gross direct premiums, achieving a growth of 18% on average over the past 3 years. In May 2015, Foreign Investment Promotion Board (FIPB) had cleared  AXA’s proposal to increase its stake in both the joint ventures.

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