Financial services provider 360 ONE Asset (formerly IIFL Asset Management Ltd) has acquired a 15% stake in life insurance company Bharti AXA Life Insurance, according to an announcement on Monday.
DealStreetAsia had reported in October last year that 360 ONE is in talks with the Bharti Group, which owns Bharti AXA Life Insurance.
The acquisition is expected to strengthen the company’s growth, unlock new streams for innovation and enhance market share, as the Bharti Group looks to exit its non-core businesses. Indian conglomerate Bharti Group’s flagship company is Bharti Airtel, the second-largest mobile network provider in the country after Reliance Jio.
“With this partnership, we aim to further accelerate innovation, enhance our product offerings, solidify our service experience and further deepen our market presence,” Parag Raja, Managing Director and CEO at Bharti AXA Life Insurance said in a release.
Bharti AXA Life Insurance is growing its footprint across the country, offering a wide range of value-for-money and need-based insurance solutions, catering to both individuals and groups.
Since its inception in 2006, the wholly-owned entity of Bharti has grown to have more than 200 offices across the country and aims to provide a smooth experience to its customers at every level. Besides offering life insurance plans, the company also provides savings plans, term insurance, and ULIP plans.
Mumbai-headquartered 360 ONE Asset provides specialised asset management solutions with overall alternates and public markets AUM of more than $10 billion. 360 ONE Asset’s Venture Capital and Private Equity platform has an AUM of more than $3 billion. The firm has expertise in financial services, technology, healthcare and consumer industries.
India’s insurance sector is on the rise boosted by rising costs of healthcare in the country and an expanding middle class. The pandemic has further proved to be an eye-opener raising awareness and highlighting the need for insurance coverage post-pandemic.
With a gross written premium exceeding $130 billion and an 11% CAGR from FY2020 to FY2023, India’s insurance sector has outpaced some Asian peers in terms of premium growth, according to a report by McKinsey & Company.
India’s life insurance market is growing at an annual rate of 32-34%, according to India Brand Equity Foundation, a trust established by the Ministry of Commerce and Industry. LIC dominates the life insurance market with SBI Life, HDFC Life and ICICI Prudential Life being some of the prominent private players in the market.
