Bharti Enterprises and AXA life has confirmed that It would increase its stake from 26% to 49% in its life and general insurance business. The company has presently two joint ventures with Bharti , Bharti AXA Life Insurance and Bharti AXA General Insurance. The increase in stake would further enhance Bharti’s market dominance in the Insurance business and would help them augment their portfolio in this field.
In a statement issued by Rahul Bhatnagar, Managing Director & CFO, Bharti Enterprises, he 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”.
According to Jean-Louis Laurent Josi, CEO of AXA Asia, “Our long-standing partnership with Bharti, a leading Indian conglomerate, positions us ideally to succeed in this highly promising market”.
The company has recorded a premium of 4.7 billion in fiscal year 2014-15 and has been growing aggressively with 28% growth rate.