"AXA to up his stake in Bharti AXA Life as

Mumbai, Dec 13 (UNI) AXA Group, a worldwide leader in Financial Protection and joint venture partner with Bharti AXA Life Insurance Company, today announced its intent to enhance its equity stake from the existing 26 per cent as and when the Indian Government allows it.

Replying to a question at the press conference to announce the National Launch of Bharti AXA Life Insurance here, Mr Henri de Castires, Chairman of the Management Board, AXA SA, said: ''We're following very closely the evolution of regulations in this sector in India and as soon as the government here allows us to increase our stake we'll be happy to do it''. Right now, the government has put the FDI cap in teh sector upto 26 per cent only, he added.

Echoing similar views, Mr Nitin Chopra, CEO of Bharti AXA Life Insurance said that ''Keeping in view our total investment plans for next three years into the venture, we've kept aside a capital of Rs 550 crore out of which we'll be spending a sum of Rs 190 crore, which includes 26 per cent contribution by AXA as part of the JV, during the current fiscal itself''.

He said''We want to be among the top five players in the field in the near future''.

Earlier at the launch function, Bharti AXA Life Insurance Company announced extending its footprints nationally by entering the markets of delhi, Kolkata, Chennai and Bangalore, after making launch debut at places like Hyderabad and Mumbai. As part of going national, the company plans to go to other 15 cities over the next quarter by aligning with Bharti Airtel distribution points.

The company is working to secure bancassurance partnerships that will further enhance its distribution strength. While the initial launch was supported by two unit linked plans, the company today launched term product and is awaiting IRDA (Insurance Regulatory Development Authority) approval for its traditional anticipated endowment plan. Single premium plans and other products will follow shortly.

As part of rural strategy, Bharti AXA is working with Field Fresh and Bharti AirTel, which today covers 1,59,357 towns and villages.

On BPO plans in India, Mr Castries said ''We've already got 2500 people in our BPO arm in India to serve the purpose of our customers living in countries like UK, Japan and US. However, he said his company would be investing further in the sector in the near future.'' UNI SN/KKD OBB SKB1953