Bharti Group offers SBI Life and other insurers to sell its insurance business
Bharti Group has proposed talks with SBI Life Insurance and its corresponding allies to sell its wholly-owned life insurance venture Bharati AXA Life Insurance.
The positive move was initiated after Bharti Group in October 2023 announced plans to buy out its joint venture partner AXA Group’s 49% stake in the life insurance business. Bharti AXA Life Insurance Company Limited is a joint venture between Bharti Enterprises and French insurance company AXA established in 2006. The parent company holds a 51% stake in the joint venture, with AXA holding the remaining 49%.
Meanwhile, now, Bharti Enterprises is contemplating to exit its insurance services business, while triggering negotiations with Reliance Industries to sell its stake in both Bharti AXA Life Insurance and Bharti AXA General Insurance in 2016.
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In 2020, Bharti AXA General Insurance and ICICI Lombard signed a crucial agreement for the latter to acquire the former in an all-stock deal.
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The acquisition was completed on 8 September 2020. It is prudent that Bharti AXA has a market share of 2% in terms of premiums in the life insurance sector. The equity share capital of the company stood at Rs 3,706 crore as of March 31, 2023.
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