The multinational is also planning to help the Insurance Regulatory and Development Authority in the development of the domestic insurance market with its worldwide experience.

"AXA has been conducting market research since 1993 and we find India an attractive market for insurance and asset management (mutual fund)," AXA Group India representative William A Barr told reporters here.

AXA already has a 50:50 joint venture company with Chennai-based Cholamandalam group for risk management.

He said the Paris-based multinational is looking for a domestic partner both for life and non-life insurance.

Asked whether the firm plans to have Cholamandam as its domestic partner, he said, "it could be one of the possible partner but no decision has been taken as yet".

The firm, managing over $655 billion asset, is also considering to set up anasset management company.

"It is our long-term strategy, simultaneously, to be in the insurance and asset management business," he said.

AXA is a world leader in financial services with focus on insurance and asset management, Barr claimed adding the group has presence in over 60 countries.