Bharti AXA

The Competition Commission of India (CCI) on Tuesday cleared a joint proposal of wealth management firm 360 ONE and Bharti Life Ventures to acquire stakes in Bharti Axa Life Insurance Company. Bharti Axa Life Insurance Company is a public unlisted company incorporated in India. It is involved in the business of providing life insurance policies. "Commission approves the acquisition of certain equity shares of Bharti Axa Life Insurance Company Ltd (BALIC) by 360 ONE Private Equity Fund, through its schemes or affiliates (360 Fund)," the regulator said in a release. The regulator has also granted its approval for the subscription of certain equity shares in BALIC by Bharti Life Ventures Pvt Ltd (BLVPL) and 360 Fund, it added. 360 Fund is a Sebi-registered alternative investment fund. It is ultimately owned and controlled by 360 ONE WAM Ltd while BLVPL is the holding company of BALIC, and both of these companies belong to billionaire Sunil Bharti Mittal's Bharti Group. In February,

The transaction is subject to regulatory approvals

Bharti Group on Wednesday said it has entered into a binding agreement with its joint venture partner AXA to acquire its 49 per cent stake in Bharti AXA Life Insurance. Post transaction, Bharti Life Ventures Private Limited (BLVPL), the holding company of Bharti AXA Life Insurance Company, will own 100 per cent stake in the life insurer. Currently, France-based AXA owns 49 per cent stake in the joint venture with Bharti. The transaction is subject to receipt of requisite regulatory approvals, Bharti Group said in a statement. Pursuant to the two parties' decision to merge Bharti AXA General Insurance with ICICI Lombard in 2020, and the subsequent exit of AXA from the shareholding of ICICI Lombard, BLVPL has now entered into an agreement to acquire AXA's 49 per cent shareholding and fully own the company, it said. Bharti's intention is to ensure that the life insurance business continues to serve the Indian market and, in this regard, it is engaging with other strategic and financi

Through this alliance, Bharti AXA Life's entire suite of life insurance plans, including protection, savings, investment, and retirement products, will be offered to the customers across 17 states

Shivalik Small Finance Bank on Wednesday said it has raised Rs 111 crore from two global venture capital firms and Bharti AXA Life Insurance. The two global venture capital firms that participated in the funding round are Accel and Quona Capital. The bank plans to use the funds to enhance its tech stack, strengthen team, and deepen partnerships as it moves to become the go-to bank for Indian MSMEs, it said. The Noida-based bank is the first to have transitioned from an urban cooperative bank with 23 years of experience in offering retail banking products and services. The bank has over 5.6 lakh customers and operates through 46 branches and 21 exclusive Business Correspondent branches across northern India. We are on a promising track of growth-focused tech-driven innovations and strategic partnerships in the financial services space. This investment will help us accelerate our growth as we look to leverage digital banking adoption by small business and retail customers, Anshul Sw

The SFB, an urban coop bank earlier, has a large presence in UP and MP; It has over 560,000 unique customers and runs 46 branches and 21 exclusive Business Correspondent Branches across northern India

Having emerged from the pandemic largely unscathed, the sector is set to benefit from an unprecedented pick-up in demand. Where it goes from here, however, depends on its ability to innovate

The insurer's asset under management witnessed a strong growth of 28 per cent and has doubled over the past three years

The Nifty50 closed at 18,162, up 170 points, or nearly 1%, extending its year-to-date gains to 30%

ICICI Bank on Thursday said ICICI Lombard General Insurance has ceased to be its subsidiary, as shareholding of the bank has come down to 48 per cent after the merger of Bharti AXA with the insurer.

Renewal premium grew by a healthy 10 per cent in 2020-21

Bharti Axa Life and Fincare Small Finance Bank have joined hands for a bancassurance partnership under which the bank will sell insurance policies to its customers.

The firm has enriched the protection cover segment with the benefits of 'Quit Smoking' and 'Stay Fit' in its life cover solution Bharti AXA Life Flexi Term Pro

Insurance Regulatory and Development Authority of India (Irdai) on Friday gave in-principle approval for the merger of Bharti AXA General with ICICI Lombard. ICICI Lombard is progressing applications for receipt of requisite approvals from other concerned regulators for the transaction, the insurance company said in a regulatory filing. Upon closing of the proposed transaction, the consolidated entity will have a market share of about 8.7 per cent on a pro forma basis in the non-life business, it added. The proposed transaction is expected to result in value creation for all stakeholders through meaningful revenue and operational synergies, it said. "Further, policyholders should benefit from an enhanced product suite and deeper customer connect touchpoints," the company said, adding the employees of the combined business will also benefit via greater opportunities across functions and geographies. Marking a major consolidation move in the insurance space, the proposed deal was ..

Combined entity will be third-largest non-life insurer

Bharti Axa's weak underwriting and high combined ratio are earnings dilutive, while valuations are on the higher side

In a share swap deal, non-life insurer ICICI Lombard General Insurance Company will acquire the business of Bharti AXA General Insurance Company Ltd

The combined entity, with an expected market share of 8.7 per cent in the non-life business, would be the third-largest non-life insurer in the general insurance business

Bharti Enterprises currently owns 51 per cent stake in Bharti AXA General Insurance

Bharti AXA General Insurance said it has received Rs 800 crore worth crop insurance mandate from Maharashtra and Karnataka governments to insure farmers in both the states under the PMFBY