Bharti Group acquires French insurer AXA's stake in Bharti AXA Life Insurance: Report

It's uncertain if this deal signifies AXA's complete exit from India, the report said, adding that Bharti has also revealed discussions with other investors to expand the business through partnerships or mergers with their entities.

Additional financial details of the transaction have not been disclosed as of now, according to the report.

In the insurance sector, there has been a series of deals this year, facilitated by a thriving stock market that allows insurers to capitalize on their investments and streamline their operations in a market largely dominated by the state-backed Life Insurance Corporation of India, the report said.

British United Provident Association (BUPA) is poised to become the majority stakeholder in Niva Bupa Health Insurance after securing an agreement to acquire a portion of PE firm True North’s stake in the joint venture, while Burman family is also seeking to buy an additional stake of about 26% in Religare Enterprises, it said.

Bharti's joint venture agreement, facilitated by its subsidiary Bharti Life Ventures, is expected to conclude by December this year, pending regulatory clearances.

The company competes with HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, and LIC in a market that is ranked ninth globally, as per the latest annual report from the insurance regulatory body.

India’s largely untapped insurance market offering companies a favourable condition to expand and grow.

Besides its stake in India's second-largest telecom carrier, Bharti Airtel, the conglomerate is involved in other ventures including Bharti Realty and the operation of the packaged foods company, Del Monte Foods Pvt Ltd, in partnership with Del Monte Pacific.