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Jul
30
Bharti Axa Planning to Hire 2,000 New Employees by Years End
Posted on Jul 30, 2010 by Sergio Ulloa (G+)
Based on brisk business in motor insurance and the expanding health insurance industry in India, Bharti Axa seeks to hire 2,000 new employees to capitalize on growth opportunities. Bharti Axa, which is a joint venture between Bharti Enterprises and international insurance company AXA Group, had earned INR 3.2 billion (USD 68.7 million) in the 2010 financial year, a 1000 percent increase over the INR 320 million (USD 6.87 million) earned the previous year. Much of that growth was due to expansions in Bharti Axa's retail distribution network, bringing in more customers; and the fact that the motor insurance sector in India is growing by 20-25 percent every year. Bharti Axa currently employs 1,300 people throughout 57 offices in India, with a further presence in 116 locations. The company has set aside INR 2.5 billion (USD 53.7 million) for further growth, aiming to hire 2,000 more people to take advantage of expanding markets. The industrial, manufacturing, motor and health insurance industries are expected to double in the next 5-6 years to about INR 700 billion (USD 15 billion). Amarnath Ananthanarayanan, the Managing Director and CEO of Bharti Axa said that "With the health and auto sectors poised to grow rapidly in the country, there is a lot of scope for general insurance players. We are looking at expanding our retail operations in the country and hiring more people this year. By this year, we will have 3,000 people," Bharti Axa is also awaiting Insurance Regulatory and Development Authority (IRDA) approval for 62 new insurance products, which it will add to its lineup of 56 non-unit linked insurance plans (ULIPs) within the next few years. Insurance Companies Mentioned: AXA Group
AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
Bharti Axa General Insurance
Bharti AXA General Insurance is a joint venture between Bharti Group and AXA Group. Founded in July 2007 in Bangalore, India it now has over 40 branches across India offering a variety of insurance products for retail, commercial and rural customers.