Asset management firm 360 ONE Asset has agreed to acquire a 15% stake in Bharti AXA Life Insurance.
The fresh investment will help the life insurer grow its operations, enhance its product offerings and deepen its market presence, Parag Raja, managing director and CEO at Bharti AXA Life, said in a statement.
The two companies didn’t disclose the amount Mumbai-based 360 ONE is investing or the life insurer’s valuation.
The transaction comes a year and a half after the Bharti Group acquired full control of Bharti AXA Life Insurance by buying French company AXA’s 49% stake in the Indian life insurer.
Established in 2006, Bharti AXA Life Insurance is the flagship company of Bharti Group’s insurance business. The company has over 200 offices across India. Its net premium income rose to nearly Rs 2,852 crore in the financial year ended March 2024 from Rs 1,015 crore the year before.
360 ONE Asset, previously known as IIFL Asset Management, has overall assets under management of over $10 billion. Its product suite includes alternative investment funds, portfolio management service and mutual funds spanning asset classes of public and private equity, fixed income and real assets. Its venture capital and private equity platform has an AUM of over $3 billion.
“The company (Bharti AXA Life) has the right mix of product innovation, technology and operational efficiency to execute successfully in the large and growing life insurance sector,” said Sameer Nath, chief investment officer and head of venture capital and private equity, 360 ONE Asset.
The transaction is subject to regulatory approvals.
