Bharti ties up with AXA for life insurance venture <br />Our Bureau <br />Mr Sunil B. Mittal, Chairman and Managing Director, Bharti Enterprises, and Mr Les Owen, Group Chief Executive, AXA Asia Pacific Holdings Ltd, after the signing of the joint venture agreement to establish Bharti AXA Life Insurance Company Ltd in the Capital on Wednesday. Kamal Narang <br />New Delhi , Aug. 24 <br />THE domestic life insurance sector will have a new player with the Bharti group entering into a joint venture with one of the world's largest insurers — AXA. The company will commence business during the first half of 2006 after obtaining the regulatory approvals. <br />The joint venture is expected to have a capital base of about Rs 500 crore within the next 3-4 years. <br />Under the present laws, an insurance company has to have a minimum capital of Rs 100 crore. While Bharti will hold 74 per cent stake in the venture, AXA Asia Pacific Holdings Ltd will hold the remaining 26 per cent. <br />Mr Les Owen, Group Chief Executive, AXA Asia Pacific, said: "
India is a huge market with more than 1.1 billion people. This coupled with a large middle class and increasing income levels will drive growth in the insurance market."
Mr Owen said the life insurance venture is expected to become one of the top five players in the Indian market and would have a multi-channel distribution approach. <br />The company would also seek to leverage the telecom customer base of Bharti. <br />The two parties are also likely to explore the possibility of entering other segments of the financial markets, including pension and mutual funds, the Bharti Chairman, Mr Sunil Mittal, said at a press conference here today. AXA Asia Pacific, a unit of AXA SA, France, is listed on the Australian and New Zealand stock exchanges. <br />The Asia-Pacific arm has operations in Australia, New Zealand, Hong Kong, China, Indonesia, the Philippines, Thailand and Singapore. <br />AXA Vision <br />"
We have chosen a demanding business. If we do it right, then we enable our clients to be life confident because they feel reassured, protected and supported as they undertake important projects at various stages in their lives. Our vision of the business is what guides our daily work. It reflects the social and human aspects of Financial Protection, whose value to people has never been greater."
<br />Henri de Castries - Chairman of the AXA Management Board<br />Our business: Financial Protection<br />Financial Protection involves offering our customers - individuals as well as small, mid-size and large businesses - a wide range of products and services that meet their insurance, protection, savings, retirement and financial planning needs throughout their lives.<br />Aware and proud of our industry's contribution to the economic and social development of the community, we seek to do business responsibly by living up to consistent values and stakeholder commitments throughout the world.<br />Our ambition <br />We are working toward the shared ambition of attaining leadership in our core Financial Protection business, through the quality of our products and services as well as through superior performance.<br />Our values<br />Team spirit, <br />Integrity, <br />Innovation, <br />Pragmatism, <br />Professionalism.<br />Our values are the foundation of our ambition. They serve as a guide, inspiring the actions and decisions of AXA employees. These values reflect our way of doing and thinking, for the benefit of our clients, shareholders, employees, business partners and the community.<br />Our commitments <br />Learn more about... <br />AXA's commitments <br />AXA aspired to do business responsibly, and to build trust-based relationships with its stakeholders:<br />Our Clients: Consistently deliver efficient local service and adapted solutions, while adhering to the highest standards of professional conduct.<br />Our Shareholders: Create lasting value by achieving operating performance that ranks among the best in the industry, and provide transparency financial information.<br />Our Employees: Ensure professional fulfillment by offering a supportive and respectful workplace where people are empowered and the continuous development of competencies is encouraged.<br />Our Suppliers: Maintain excellent supplier relationships by adhering to a set of clearly defined procurement guidelines and promoting ongoing dialogue.<br />The Community: Act as a responsible corporate citizen by sharing our professional expertise with the community and sponsoring philanthropic initiatives.<br />The Environment: Contribute to environmental preservation efforts by making available our environmental risk management capability and promoting environmentally sound practices in the workplace.<br />Our strategy<br />AXA's strategy is to combine organic and external growth to meet the challenge of operational excellence in all of the following areas:<br />Product innovation <br />Core business expertise (underwriting, claims management, pricing, investment performance) <br />Distribution <br />Quality of service <br />Productivity<br />All AXA employees are champions of operational excellence. They are supported in this aim by the AXA Way continuous process improvement program.<br />Leveraging the resources of the AXA Group, and in accordance with AXA's values and commitments, 214 044 people are working daily to execute this strategy.<br />Group profile<br />In the financial markets, AXA is positioned as a global leader in Financial Protection.<br />Key figures:<br />80 million clients worldwide <br />214 044 employees (including exclusive sales associates) worldwide (at December 31, 2008) <br />400,000 shareholders <br />91.2 billion euros in revenues (at December 31,2008)* <br />3.6 billion euros in adjusted earnings (at December 31,2008)<br />Legal structure<br />Capital Ownership<br />As of December 17, 2009, AXA's fully paid up issued and outstanding share capital totaled €5,243,861,379.71 divided into 2,289,895,799 shares, each with a par value of €2.29 and eligible for dividends as of January 1, 2009.<br />To the best of the Company's knowledge, the table below summarizes the ownership of its issued outstanding ordinary shares and voting rights as of December 31, 2008:<br />Capital Ownership<br /> Number of sharesCapital ownershipVoting rights(a)Mutuelles AXA(b)298,481,98514.29%23.10%Treasury shares held directly by the company4,719,507(f)0.23%(0.18%)(c)Treasury shares held by Company subsidiaries (directly and indirectly)(d)17,584,5860.84%(0.68%) (c)Employees and agents122,348,3955.86%6.77%BNP-Paribas SA120,943,566 5.79% 9.36% General public1,525,080,13072.99%59.91%Total2,089,158,169 (e)100,00%100,00%<br />(a) In this table voting rights' percentages are calculated on the basis of all shares with voting rights attached, notwithstanding the fact that certain of these shares may be deprived of voting rights by law or otherwise (for example, treasury shares are deprived of voting rights under French law).(b) AXA Assurances IARD Mutuelle and AXA Assurances Vie Mutuelle.(c) These shares will be entitled to vote when they cease to be treasury shares (e.g. upon their sale or other transfer to an unaffiliated third party).(d) Treasury shares as indicated in Note 13 to "
Consolidated Financial Statements"
included in Part V of this Annual Report.(e) Source: Euronext Notice of December 29, 2008.(f) Excluding the 6,899,477 shares which are the object of a futures contract expiring on April 20, 2009.<br />To the best of the Company's knowledge, no shareholder held more than 5% of the Company's outstanding ordinary shares or of the voting rights as of December 31, 2008 except as indicated in the table above.<br />Certain of the Company's shares are entitled to double voting rights as described in Part VI "
Certain additional information"
Section of the 2009 Annual Report. Of the Company's 2,089,158,169 outstanding ordinary shares as of<br />December 31, 2008, 495,306,020 shares entitled their holders to double voting rights as of that date.<br />Significant changes in capital ownership<br />Significant changes in ownership of the Company's share capital between December 31, 2006 and December 31, 2008 are set forth in the tables below :<br />As of December 31, 2008 (a)<br />As of December 31, 2007 (a)<br />As of December 31, 2006 (a)<br />As of December 31, 2008 (a)<br />As of December 31, 2008 (a)<br /> Number of sharesCapital ownershipNumber of votesVoting rights (%)Mutuelles AXA(b)298,481,98514.29%596,963,97023.10%Treasury shares held directly by the company4,719,5070.23%(4,719,507)(c)(0.18%)(c)Treasury shares held by Company subsidiaries (directly or indirectly)(d)17,584,5860.84%(17,584,586)(c)(0.68%)(c)Employees and agents122,348,3955.86%175,001,1416.77%General Public(e)1,646,023,69678.78%1,790,194,98569.27%Total2,089,158,169(f)100.0%2,584,464,189100%<br />(a) In this table voting rights' percentages are calculated on the basis of all shares with voting rights attached, notwithstanding the fact that certain of these shares may be deprived of voting rights by law or otherwise (for example, treasury shares are deprived of voting rights under French law).(b) AXA Assurances IARD Mutuelle and AXA Assurances Vie Mutuelle.(c) These share will be entitled to vote when they cease to be treasury shares (e.g. upon their sale or other transfer to an unaffiliated third party).(d) Treasury shares as indicated in Note 13 to "
Consolidated Financial Statements"
included in Part V of this Annual Report.(e) Including BNP Paribas SA.(f) Source: Euronext Notice of December 29, 2008.<br />As of December 31, 2008, to the best of the Company's knowledge based on the information available to it, the Company had approximately:10,463 total registered holders of its ordinary shares (i.e. shareholders holding in nominative form); and90,498,617 ADSs outstanding, representing approximately 4.3% of the Company's total outstanding ordinary shares.<br />As of December 31, 2008, to the best of the Company's knowledge based on the information available to it, (i) substantially all of the ADS were held by U.S. residents and (ii) approximately 19.55% of the Company's total outstanding ordinary shares were held by U.S. residents (including the ordinary shares held through the ADR program).<br />Type: Public Employees: 84,000Employee growth: 24.8%<br />Italy's largest insurance company (and one of the largest in Europe), Assicurazioni Generali writes insurance for risks as varied as space launches and corporate package policies. Some 450 companies in about 65 countries make up the Generali group. Its core members are involved primarily in insurance (including life, accident, health, motor, fire, marine/aviation, and reinsurance); the rest concentrate on other financial services and real estate. Generali is noted for being a leading insurer of satellite and space missions, which it has been covering since 1964. In more earthbound realms, the company targets individuals and small to midsized businesses, and has been in business since 1831. <br />Key numbers for fiscal year ending December, 2008: Sales: $99,286.0MOne year growth: (19.0%)Net income: $1,499.7MIncome growth: (69.8%) <br />Officers:Chairman: Antoine BernheimManaging Director and Board Member: Giovanni PerissinottoManaging Director and Board Member: Sergio Balbinot<br />Type: PublicOn the web: http://www.allianz.comEmployees: 182,865Employee growth: 0.9%<br />One of the world's biggest insurers, Allianz SE offers a range of insurance products and services -- including life, health, and property/casualty coverage for individuals and businesses -- through some 100 subsidiaries and affiliates operating all over the globe. In addition to selling insurance, Allianz provides retail and institutional asset management services through Allianz Global Investors and private equity investment through Allianz Capital Partners. Other brands include Euler Hermes, Fireman's Fund, and Mondial, all property insurance subsidiaries. Allianz has transformed itself into a Societas Europaea, a joint stock company that operates under European Union rules. <br />Key numbers for fiscal year ending December, 2008: Sales: $128,859.3MOne year growth: (14.8%)Net income: ($3,444.8)M<br />Officers:Chairman: Henning Schulte-NoelleChairman of the Board of Management: Michael DiekmannMember of the Board of Management and COO: Christof Mascher<br />Type: PublicOn the web: http://www.axa.comEmployees: 109,304Employee growth: (37.5%)<br />The insurance world revolves around this AXA. The company, which started as a sleepy collection of mutual insurance companies, is today one of the world's largest insurers and a financial management powerhouse. In the US, AXA owns AXA Financial, which controls life insurance firm AXA Equitable and investment manager AllianceBernstein. The company also has major subsidiaries in the UK (AXA UK), Germany (AXA Konzern), Japan (AXA Life), Australia (AXA Asia Pacific), and Belgium (AXA Belgium). The companies offer life insurance, personal and commercial property and casualty insurance, financial services, and asset management services. It has about E980 billion (or nearly $1.4 trillion) in assets under management. <br />Key numbers for fiscal year ending December, 2008: Sales: $77,738.2MOne year growth: (43.6%)Net income: $1,742.1MIncome growth: (81.5%) <br />Officers:Honorary Chairman Supervisory Board: Claude BébéarChairman Supervisory Board: Jacques de ChateauvieuxChairman and CEO Management Board; Head of Human Resources, Communication and Corporate Responsibility: Henri de Castriesssss<br />Bharti Enterprises announces new Apex level Strategic Organization structure 16.03.07 08:11 Age: 3 yrs <br /> <br />Category: Recent Highlights, FY2006-2007 <br />Unveils top level structure and governance model designed to build a diversified conglomerate of the future<br />Bharti Enterprise to invest in, build and grow businesses that make a positive difference to the lives of people and partner India’s economic growth.<br />Reinforces Bharti Enterprises strategic intent to continue to lead in the market, build new businesses and reinforce its best in class governance model. The new apex level structure takes this vision & strategy forward.<br />Bharti Enterprises will be the strategic architect for all businesses of Bharti – Telecom, Retail & Wholesale, Communication & media devices, Insurance & Financial services, Agri business, Realty, software / BPO & Bharti Foundation.<br />Strengthens empowerment & accountability for business leaders and further enhances professionalism. Bharti Enterprises will set overall direction, focus on macro strategies & business reviews and ensure a continued senior leadership pipeline.<br />Sunil Bharti Mittal to lead Bharti Enterprises as the Chairman and Group CEO. Rakesh B Mittal will be Vice Chairman, Rajan B Mittal & Akhil Gupta will be Managing Directors. Group Lead Directors, Group/Corporate Directors to form core of the Bharti Enterprises team.<br />New Delhi, March 16, 2007: Bharti Enterprises, India’s leading business conglomerate, today announced a strategic initiative aimed at creating a diversified conglomerate of the future. Bharti Enterprises unveiled its new apex level organisation structure reinforcing its best in class governance model. The new organisation structure reflects Bharti's strategic intent to lead, build & grow in businesses that make a positive difference to the lives of people - telecom, retail & wholesale, communication & media devices, insurance & financial services, Agri business, BPO/software & the Bharti Foundation. <br />The new structure strengthens empowerment & accountability for business leaders of individual companies thereby enhancing the existing high degree of professionalism in the group. Bharti Enterprises will be the strategic architect of all businesses of the group and will provide overall direction and macro strategies. Responsibility for business strategy, operations & its results will reside with the business heads of the companies with Bharti Enterprises having a supervisory role. The new structure will be effective April 1, 2007. <br />Bharti Enterprises will also be responsible for evaluating new business opportunities, Mergers & Acquisitions and Strategic alliances for the group. In addition, it will ensure a high quality pipeline of top leadership talent and be the custodian of Bharti’s brand values and business interests. <br />Announcing the new organisation structure, Mr. Sunil Bharti Mittal said, “At Bharti, our vision has always driven us to invest, build and grow businesses that make a positive difference to the lives of people and partner India’s economic development process. The new organization structure & governance model takes this forward and blends Bharti’s entrepreneurial ethos with an enhanced professional culture. It further empowers our business leaders, strengthens accountability and is designed for Bharti Enterprises to focus on overall strategic direction, leadership development & leveraging synergies taking another significant step towards a conglomerate of the future.” <br />Bharti Enterprises has recently diversified into new business areas. After successfully establishing India’s leading telecom services provider - Bharti Airtel and Bharti Teletech - the leader in telecom terminals, Bharti Enterprises is getting ready to take significant strides in new areas such as retail & wholesale, communication & media devices, insurance & financial services, Agri business & the Bharti Foundation. <br />Mr. Sunil Bharti Mittal, in his role as the Chairman and Group CEO of Bharti Enterprises, will lead a highly energized and empowered team of entrepreneurs and professionals to ensure all businesses under the Bharti umbrella are on a continuous growth path delivering highest customer & shareholder value. In this endeavour he will be assisted by four Group Lead Directors – Mr.Rakesh Bharti Mittal, Vice Chairman - Bharti Enterprises, Mr.Akhil Gupta, Managing Director - Bharti Enterprises, Mr.Rajan Bharti Mittal, Managing Director - Bharti Enterprises and Mr.Badri Agarwal, Director - Bharti Enterprises. In addition there will be nine Group / Corporate Directors. <br />The Group Lead Directors have been assigned specific areas and will review the performance of the respective businesses, maintain relationships with joint venture partners and provide all necessary assistance from the group level, including funding, external relations etc. <br />The Group / Corporate Directors will take ownership of key functions across the businesses of Bharti. These Group / Corporate Directors will provide functional vision, strategic direction and support to group companies, leveraging synergies and best practices. They will develop a medium to long term strategy for their respective functions and will be a group resource for all functional teams. The Group / Corporate Directors are:<br />Mr. Ashok Juneja, Corporate Director – Technology<br />Mr. Daljit Singh, Group Director – Human Resources<br />Mr. Hemant Sachdev, Group Director – Brand & Corporate Communication<br />Mr. Prakash Nene, Corporate Director – Finance (Emerging Businesses)<br />Mr. SL Narayanan, Corporate Director – Finance (Telecom & Retail)<br />Ms. Vijaya Sampath – Group General Counsel & Company Secretary<br />Mr. Viresh Dayal, Corporate Director – Projects<br />Group Director – Strategy & Business Development (TBA)<br />Group Director – Internal Assurance (TBA)<br />Bharti has also institutionalized three group level governing bodies to reinforce its best-in-class governance model. These are the Bharti Management Board, the Group Finance & Audit Council & the Bharti Management Council. <br />In line with his previously stated long term objective, Mr. Sunil Bharti Mittal will pass on his operational responsibility in Bharti Airtel operations from 1st April, 2007. He will continue to be the Chairman & Managing Director of Bharti Airtel Ltd. Rajan Bharti Mittal, who moves on as the Managing Director Bharti Enterprises and Group Lead Director Retail, Wholesale and New Projects, will relinquish his position as Joint Managing Director of Bharti Airtel from 1st April, 2007. Akhil Gupta who will now be Managing Director, Bharti Enterprises, Group Lead Director of Telecom and Chairman of the Group Finance & Audit Council will be passing on the position of Group CFO from 1st April, 2007. <br />LIFE PLANS: To ensure that your family will be taken care of in case of any eventuality. To find peace of mind was never so easy. 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