The Competition Commission of India (CCI) has approved the Bharti Life Ventures proposal to acquire French insurer AXA’s 49% stake in their life insurance joint venture (JV).
Upon completion of the deal, which was announced last month, Bharti Life Ventures will have a 100% stake in Bharti AXA Life Insurance Company, which has been jointly run by the companies since 2006.
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Currently, Bharti Life Ventures owns a 51% stake in Bharti AXA Life Insurance Company.
After the completion of the deal, Bharti is planning to collaborate with various other strategic and financial investors to expand the business.
Bharti AXA currently has more than 250 offices in India. It offers money and need-based life insurance products for individuals and groups.
In September 2023, Bharti AXA Life Insurance and PolicyBazaar teamed up to launch the Bharti AXA Life Wealth Maximizer, a unit-linked, non-participating individual life insurance plan.
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By GlobalDataCommenting on the product, Bharti AXA Life Insurance marketing, digital business and online sales head and chief customer officer Nitin Mehta said: “Bharti AXA Life Wealth Maximizer has been created with benefits previously unavailable in any ULIP plan, to help our valued customers realise their financial goals, which often change with time and circumstances.”
Bharti and AXA established two ventures, Bharti AXA Life Insurance and Bharti AXA General Insurance, in 2006. Bharti owns a 74% stake in each venture.
