An Indian insurance joint venture between France's AXA and India's Bharti group has got the regulator's approval to start operations, the joint venture said on Thursday.

According to a report by Reuters, Bharti AXA General Insurance Co, owned 76% by the Bharti group that runs India's top mobile firm Bharti Airtel, would compete with 19 general insurers in the market, the Insurance Regulatory Development Authority Web site showed.

Additionally, the insurance market in India is dominated by state-owned firms, but other players include joint ventures of Lombard, Germany's Allianz and Ergo and Italy's Generali.

Bharti and AXA also have a separate life insurance joint venture that was launched in 2006. They also have set up a joint venture for a mutual fund in India.

Meanwhile, UK insurer Friends Provident has announced that the head of its life insurance and pensions business will step down at the end of the year.

Ben Gunn, chief executive of Friends Provident Life & Pensions, will advise Trevor Matthews, the incoming CEO of the group, to help the transition of responsibilities until his departure. Gunn, 57, has been on the board for seven years and was considered a candidate to become CEO when Philip Moore was ousted last November.

The insurer named Matthews as new CEO in January, but the former Standard Life executive will not join until later this month.