Excelsior Correspondent
JAMMU, June 8: Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and AXA (one of the world’s largest insurance companies) today said the company registered 17 per cent growth in its renewal premium to Rs 1,359 crore for the year ended March 31, 2020, against Rs 1,164 crore in the last financial year 2018-19.
The total premium income grew 5 per cent to Rs 2,187 crore in the financial year 2019-20 from Rs 2,076 crore in 2018-19. The company said its new business premium income stood at Rs 829 crore in the financial year 2019-20, as compared to Rs 911 crore in the corresponding fiscal period a year ago while asset under management witnessed a surge of 21 per cent to Rs 6,902 crore in for the year ended March 31, 2020, from Rs 5,699 crore as on March 31, 2019.
Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, ”We grew and registered steady performance on many business parameters in the financial year 2019-20, despite the disruption caused by the spread of Coronavirus pandemic and the subsequent lockdown in the crucial month of March, which adversely affected the domestic life insurance industry in terms of new business.”
He informed that the company continued to expand its operation and distribution footprint across India in the last financial year in terms of recruitment of fresh advisors and setting up of new branches, with a view to creating a large pool of productive agents and reaching out to every nook and corner of the country.
“It set up 25 new branches to take an enhanced distribution network of 261 branches across the country during 2019-20, up over 10 per cent over 236 branches in 2018-19. Bharti AXA Life Insurance added 3,934 new advisors to strengthen its net agent force to 43,316 in the financial year ended March 31, 2020, up 10 per cent 39,382 advisors in 2018-19,” Raja added.
The MD said that apart from strengthening its Agency and Direct business and exploring multiple bancassurance options, in view of COVID-19 crisis and subsequent restrictions, the company has also fast-tracked the entire digitization journey and created an eco-system of tools to identify need, share solutions digitally and complete end-to-end transaction using customer on-boarding and servicing tools.
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