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.