Bharti AXA Life Insurance Company Limited, the private life insurance joint venture between Bharti Enterprises and AXA Group, announced the appointment of Mark Meehan as Chief Operating Officer effective September 30th; 2008. He replaces Tim Thomas who has successfully completed his tenure here and will be returning home. Mark is moving from the position of CEO and Director at Tynan Mackenzie, a professional investment services group (AXA Australia group enterprise).
Commenting on this appointment, Mr. Nitin Chopra, CEO, Bharti AXA Life said,” Insurance is the fastest growing industry in India, and Bharti AXA Life has forged a position of eminence. Mark’s exposure to various countries and a variety of cultures and lifestyles will help increase Bharti AXA Life’s prospects in the near future. I am confident Mark’s wealth of expertise will add substantial value to the organization’s growth”.
At Bharti AXA Life Mark will join the core management team, managing IT and operations. His specific responsibilities will include service delivery, underwriting, project management and branch infrastructure.
Mark Meehan added, “I am delighted to be part of the joint venture between the global AXA group and Bharti enterprise. I am confident my international commercial experience and my industry understanding will enable accelerated growth in the business”.
Mark has achieved success in several roles within the AXA group, including strategy execution, business turn-around, operations and general management.
About Bharti AXA Life Insurance Company Ltd.
Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti and 26% stake of AXA Asia Pacific Holdings Ltd (APH).
About Bharti Enterprises
Bharti Enterprises is one of India’s leading business groups with interests in telecom, agri business, financial services and retail. Bharti has been a pioneering force in the telecom sector with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is one of India’s leading private sector providers of telecommunications services with an aggregate of over 77.87 million customers as of end of June 2008, spanning Mobile services, Telemedia services and Enterprise services. Bharti Airtel has been ranked amongst the best performing companies in the world in the BusinessWeek IT 100 list 2007. Bharti Teletech is the country’s largest manufacturer and exporter of telephone terminals. Bharti has a joint venture – Bharti Del Monte India (P) Ltd – with Del Monte Foods India Pvt. Ltd., to offer fresh and processed fruits and vegetables in the domestic as well as international markets including Europe, USA and Middle East. Bharti has a joint venture - Bharti AXA Life Insurance Company Ltd. - with AXA, world leader in financial protection and wealth management. Bharti also has a joint venture for an asset management company - Bharti AXA Investment Managers Private Ltd. - with AXA IM and AXA APH. Bharti has recently forayed into retail business under a company called Bharti Retail Pvt. Ltd. It also has a joint venture - Bharti Wal-Mart Private Ltd. - with Wal-Mart for wholesale cash-and-carry and back-end supply chain management operations in India.
About AXA Group (AXA SA)
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. Full year 2007 IFRS revenues amounted to Euro 94 billion and adjusted earnings to Euro 6,138 million. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA.
AXA Asia Pacific Holdings Ltd (AXA APH)
Is listed on the Australian stock exchange and is 53% owned by AXA SA. AXA APH is responsible for AXA SA’s life insurance and wealth management businesses in the Asia-Pacific region. It has operations in Australia, New Zealand, Hong Kong, Singapore, Indonesia, the Philippines, Thailand, China, India and Malaysia. AXA APH had A$109 billion in total funds under management and administration and advice at 31 December 2007 and reported a profit after tax of A$638.7 million for the twelve months ended 31 December 2007.
