'Bharti AXA gen insurance to infuse Rs 60 cr by Oct'
Bharti AXA general insurance is planning to infuse Rs 60 crore in October taking the total to Rs 460 crore and has six products in the pipeline, which are awaiting regulatory approval, a top company official said.india Updated: Oct 31, 2010 11:20 IST
Bharti AXA general insurance is planning to infuse Rs 60 crore in October taking the total to Rs 460 crore and has six products in the pipeline, which are awaiting regulatory approval, a top company official said.
"We plan to infuse Rs 60 crore capital this month end that will take the total to Rs 460 crore. Over the next two years we, Bharti and joint venture partner AXA, will infuse Rs 200 crore or more in line with the ratio of our stakeholding," Bharti AXA general insurance CEO and Managing Director Amarnath Ananthanarayanan said on the sidelines of a function in Mumbai.
Bharti AXA is a joint venture between Bharti that holds 74 per cent equity and AXA with 26 per cent.
He said the company has six products in the pipeline which are waiting for Insurance Development and Regulatory Authority (IRDA) approval.
Of those, three products are under the health category, one a mix of health and retirement and another under motor.
Currently, the company, which enjoys 3.5 per cent of the market share, has over 56 products.
The company collected Rs 320 crore premium 2009 and is planning to increase it by 70 per cent in the fiscal year 2010, he said.
Going forward, he said, the company is planning to focus on health segment and increase it to 26 per cent from the current 20 per cent of the total business.