CS Axa

PARIS--French insurance company AXA SA (CS.FR) Friday said it intends to raise its stake in its Indian insurance joint venture after the parliament in the Asian country approved a bill authorizing foreign companies to own up to 49% in insurance companies.

AXA will increase its stake in its Indian life and general insurance joint-venture with Bharti Enterprises to 49% from the current 26% once it reaches an agreement with its partner, the company said.

Last year, AXA reported a record net profit as its strategy to pull out of parts of Europe and invest instead in fast-growing emerging markets is paying off.

-Write to Inti Landauro at inti.landauro@wsj.com

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