Bharati AXA receives IRDA clearance for commencing business

Mumbai, July 3 (UNI) Bharti AXA General Insurance Company Limited, a joint venture between Bharti Group and AXA Group, today said it would announce its business operations shortly following the Insurance Regulatory Development Authority (IRDA) granting the certificate of registration.

Company CEO Milind Chalisgaonkar said in a release, ''Bharati AXA is confident of serving customers with innovative products, strong distribution, personalised service and efficient claims settlement and aims to be the preferred company in the General Insurance market within next few years.'' Bharti holds 74 per cent and AXA holds 26 per cent of equity interest in the company headquartered in Bangalore. It would establish a pan-India business network with offices and partnerships.

Bharti Group and AXA Group had launched Bharti AXA Life Insurance Company in 2006. They also have a joint venture for asset management - Bharti AXA Investment Managers. Illustrating their commitment to the Indian market, AXA Group will contribute their domain expertise, global blueprint, best practices and technology, whereas Bharti Group will bring in its strong local market expertise and countrywide retail distribution network, the release said.

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