French insurance company AXA increases stake in Bharti AXA Insurance

Betting big on the insurance market in India, French insurance major AXA has increased its stake in Sunil Bharti Mittal’s insurance arm, Bharti AXA Life insurance and Bharti AXA General Insurance. The insurance giant has hiked its stake from 26% to 49% in the two joint ventures.

This move follows the government’s recent reform in FDI policy in insurance, which now allows foreign investments up to 49%.

“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,” said Rahul Bhatnagar, managing director and CFO, Bharti Enterprises.

Sharing a similar sentiment, Jean-Louis Laurent Josi, CEO of AXA Asia added, “Our long-standing partnership with Bharti, a leading Indian conglomerate, positions us ideally to succeed in this highly promising market.”

However, the statement did not disclose any financial detail.