Bharti AXA General Insurance Company Limited, a joint venture between Bharti, one of India’s leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management, announced the launch of their Business operations. The Company received the Certificate of Registration from the Insurance Regulatory Development Authority (IRDA) on July 27, 2008, thus paving way for commencement of business.
Bharti AXA General Insurance will offer products catering to the rural, urban and commercial segments (large corporate, medium enterprises and small enterprises). that cover property, projects & engineering, cargo, motor, health, personal accident and travel.
Commenting on the launch, Mr. Milind Chalisgaonkar, CEO, Bharti AXA General Insurance said, “We are extremely happy to announce the commencement of operations. We are confident of serving customers with innovative products, strong distribution, personalized service and efficient claims settlement. We aim to be the preferred company for Financial Protection within the next few years.”
An initial amount of INR 130 Crores has been invested by Bharti and AXA and the projected capital injection for the next 5 years is INR 645 Crores. With 7 offices across the countryas of now it plans to expand to 29 locations by the end of the first year of operations.
Bharti holds 74% and AXA holds 26% of equity interest in the company. The company is headquartered in Bangalore and will establish a pan-India business network with offices and partnerships. |
