Bharti Axa General Life Insurance Company Ltd, a joint venture between Bharti Group and Axa group, today said it would invest Rs 645 crore in the next five years to expand its business.
"We are committed to invest Rs 645 crore in the next five years. The capital would be pumped in depending on business growth," Bharti Axa General Insurance CEO Milind Chalisgaonkar said.
The company began operation from August 2008 and has so far invested Rs 190 crore to expand the capital base.
Chalisgaonkar did not spell out any specific business target of the company, but said in five years Bharti Axa aimed to be one of the top five players in the industry.
Speaking about products, he said the company has 31 and has applied for another 20 with the Insurance Regulatory Development Authority.
Bundling of products with other Bharti group companies was in an exploratory stage.
Bharti Axa, the new insurance kid on the block, will expand its branches to 80 and number of agents to 4,000 by the end of 2009.
In the east, Bharti Axa planned eight offices and would tap the Rs 2,000 crore market.
Chalisgaonkar said the company would also tap small banks like co-operative banks for bancassurance.
"We will tap small, medium and large banks for bancassurance and we will tap all the marketing channels," he said.