Bharti AXA | Business Upturn

‘Krishi Sakha’ app launched by Bharti AXA General Insurance

Arnav Dogra — Wed, 27 Jan 2021 10:53:56 +0000

A new app called the ‘Krishi Sakha’ app has been launched by Bharti AXA General Insurance to act as a special app designed specifically to cater to the requirements of the farmers in the country and provide them with guidance which will help them adopt best farming practices thereby making them more efficient.

The ‘Krishi Sakha’ app will provide the farmers with customized information about crops and their requirements which will increase the farmers’ competency when they have to make agricultural decisions about their crop. It will contain all the information about the scientific ways of farming, crop cultivation, sowing, and harvesting.

The app will also play the role of a multipurpose shopping app including all crop insurance-related information and deliver innovative and customized solutions and curated crop advisories by experts to help them protect their crops and increase the overall farming productivity.

It will also provide the farmers with information related to weather forecasts, market and crop prices and government schemes related to insurance and agriculture, land unit conversion calculator, news about forthcoming events, crop calendar, information library for better crop cultivation, informational videos, chat bots for queries, agri-solutions, and language flexibility making it a very versatile app.

Apart from that, the app will also provide a portal for the Pradhan Mantri Fasal Bima Yojana (PMFBY) for crop insurance related information.

This app has been launched as an extension to the its campaign called ‘Fasal Ka Bima Bohot Zaroori Hai’ which aimed at increasing the awareness among farming communities about the importance of crop insurance. Last year, Bharti AXA General Insurance, which received a Rs 800 crore crop insurance mandate from Maharashtra and Karnataka insuring farmers under the PMFBY.

BOI likely to acquire AXA IM’s and BOI AXA’s 49% stake, holding entire BAIM and BATS

Sarthak Yadav — Thu, 03 Dec 2020 10:37:36 +0000

Bank of India with other parties entered into a Share Purchase Agreement (SPA) with AXA investment Managers Asia Holdings (AXA IM) on 2 December 2020, whereby Bank of India has agreed to purchase AXA IM’s entire 49% equity shares in BOI AXA Investment Managers (BAIM) and also entire 49% equity shares in BOI AXA Trustee Services (BATS).

Currently, BOI AXA Mutual Fund is a joint venture between BOI (51 per cent stake) and AXA IM (49 per cent). After the deal BOI shall hold 100% equity shares in BAIM and BATS.

BOI acquired a 51 per cent stake in the, then Bharti AXA Investment Managers Pvt Ltd on May 7, 2012. The Bank said, “The acquisition is expected to be completed by end of December or such other extended date mutually agreed between BOI and AXA IM.”

BOI AXA Mutual Fund has ₹2,251 crore worth of assets under management. It offers 14 different open-ended schemes and 2 close-ended schemes.

The Bank entered into a share purchase agreement with AXA IM on December 2 to buy the latter’s entire 49% equity shares in BAIM and entire 49& equity shares in BATS.

ICICI Lombard shares trade at 52-week-high of Rs 1500 post receiving ‘in-principle approval’ to acquire Bharti AXA

Akanksha Yadav — Tue, 01 Dec 2020 07:15:34 +0000

ICICI Lombard General Insurance Company’s share prices rallied 2 percent in a day on December 1 and traded at a 52-week-high of Rs 1500 post received the ‘in-principle approval’ to acquire Bharti AXA General Insurance.

The Insurance Regulatory and Development Authority of India (IRDAI) on November 27 had given the ‘in-principle approval’ to ICICI Lombard General Insurance Company Limited to acquire the General Insurance business of Bharti AXA General Insurance Company Limited by, the company stated in an exchange filing. Bombay Stock Exchange Limited, National Stock Exchange of India Limited and the Competition Commission of India (CCI) had previously approved of the proposed acquisition by ICICI.

The stock was up by Rs 37.05 or 2.55 percent and traded at Rs 1,492.80 at 10:44 hours. The stocks touched a 52-week high of Rs 1,500 intraday and an intraday low of Rs 1459.50. “Post submission of all the required documents/information, the authority hereby grants ‘In-principle’ approval under section 35 to 37 read with IRDA Regulations, 2017 for demerger of general insurance business undertaken by Bharti AXA to ICICI Lombard,” the statement read.

Currently, 51 percent is held by Bharati Enterprises in Bharti AXA General and the firm has a joint venture with French firm AXA which owns 49 percent stake. With the acquisition deal with ICICI Lombard in place, Bharti and AXA will be public shareholders in the combined entity.

ICICI Lombard insurer in negotiations to purchase Bharti AXA

Pravin Suryawanshi — Tue, 11 Aug 2020 05:52:16 +0000

ICICI General Insurance Agency. Ltd, India’s largest non-life private insurer, is in advanced talks to acquire
Bharti AXA General Insurance Co. Ltd, and merging the two companies’ insurance properties, said two people aware of the talks.

Both companies are negotiating Bharti AXA’s valuation calling for anonymity, the people have said.

ICICI Lombard, which has a market share of 8.4 percent and owns 51.89 percent of ICICI Bank Ltd, experienced a gross premium of 3,302.19 crores in the quarter of June, 5.3 percent lower than last year’s period. However, that was in line with a downturn in the industry as a whole. In contrast, Bharti AXA General posted a 12 percent year-on-year drop in gross premium to a quarterly drop to some 508.93 crores.

The acquisition plans come at a time when the general insurance industry is reeling due to the disruption caused by the COVID-19 pandemic and the economic slowdown. The existing 25 general insurers (excluding standalone health insurers) saw a 6% drop in premium in the June quarter due to a steep slowdown in sales of non-life policies in the wake of a prolonged lockdown that led to a temporary halt in most commercial activities.

Bharti Enterprises currently owns 51% in Bharti AXA General, while its France-based JV partner AXA has 49%.

According to industry estimates, Bharti AXA has a market value of ₹2,800 crores. ICICI Lombard is valued at ₹62,827 crores.