Axa has today revealed that it is increasing its stake in its Indian joint venture companies.
The insurer announced that it would be raising its holding in the life and general insurance ventures, Bharti AXA Life Insurance Co and Bharti AXA General Insurance Co, from 26 per cent to 49 per cent in a bid to further its operations in the country.
“India is one of the most dynamic insurance markets in the world and we remain fully confident in the capacity of our joint ventures to continue building upon and developing our operations as an innovative and customer-focused insurer to offer services and products of high quality to our customers,” said Jean-Louis Laurent Josi, chief executive of AXA Asia. “Our long-standing partnership with Bharti, a leading Indian conglomerate, positions us ideally to succeed in this highly promising market”
Rahul Bhatnagar, managing director of Bharti Enterprises, added: “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. We remain committed to servicing our customers through innovative and quality product solutions.”
Both joint venture companies have reported strong results recently, with Bharti AXA Life achieving yearly growth of 28 per cent on average over the last three years and Bharti AXA General Insurance reporting 18 per cent average yearly growth for the same period.