French insurer AXA has increased its stake in life and general insurance joint ventures (JVs) with Bharti Enterprises in India.
Bharti AXA Life Insurance (Bharti AXA Life) and Bharti AXA General Insurance (Bharti AXA GI) are the JVs, in which the foreign shareholding by AXA Group has been hiked to the maximum permissible limit of 49% in the sector.
The government has already approved AXA’s raising of stake in Bharti AXA . 858.6 crore and that Life for ` in Bharti AXA GI for ` . 431.40 crore. Together, AXA’s investment in Bharti group will be worth ` . 1,290 crore.
In 2014-15, Bharti AXA Life recorded ¤70 million of new business collected premiums, an yearly growth of 28% on an average over the past 3 years.
Source : The Economic Times
Date: 2nd Dec 2015