Bharati group which has been looking to sell its insurance business is in advanced talks with SBI Life and others, reported The Economic Times. As per the report, the group is planning to sell its now wholly owned life insurance venture Bharti AXA Life Insurance.
The group acquired its joint venture partner AXA Group’s 49% stake in the life insurance business in October 2023. This after attempts by Hinduja Group and Abu Dhabi Investment Authority (ADIA) to acquire AXA’s stake in the life insurance venture failed. Bharti and the French insurer had formed two joint ventures in 2006, with the Indian partner holding 74% stake in both Bharti AXA Life Insurance and Bharti AXA General Insurance.
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The Economic Times report quoted a source and said that Bharti has been looking to exit the insurance business to focus on Telecom after the acquisition. The group has already sold the general insurance business to ICICI Lombard by way of merger when AXA exited the company.
Bharati AXA has a market share of 2% in terms of premium in the life insurance sector. The equity share capital of the company stood at Rs 3,706 crore as of March 31, 2023.