Excelsior Correspondent
JAMMU, Dec 23: Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today said the company registered 20 per cent growth in its renewal premium to Rs 541 crore in the first half of financial year 2019-20 against Rs 453 in the corresponding fiscal period a year ago.
The company saw its new business premium income growing at Rs 415 crore in the half-year ended September 30, 2019, as compared to Rs 398 crore in the same period during 2018-19.
Its total premium rose 12 per cent to Rs 956 crore in the first six months of the current fiscal from Rs 851 crore in the first half of the last financial year.
The company recorded a surge of 30 per cent growth in its asset under management to Rs 6,404 crore as on September 2019, against Rs 4,928 crore on September 30, 2018.
Commenting on the company’s business growth performance, Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, ”We maintained growth momentum across key metrics of the business in the first half year of this financial year. Our customers have also reaffirmed their faith in us which is reflected in the significant growth in renewal premium income. We aim at enhancing our agency force and agent productivity and strengthening bancassurance through strategic alliances to achieve stronger growth by the end of this fiscal.”
Seth said, “Apart from focusing on building our Agency and Direct business, we are also keen to strengthen the bancassurance channel as we see it as a key distribution and growth opportunity. We are exploring multiple bancassurance options to achieve our long-term growth aspirations and increase India’s insurance penetration.”
Bharti AXA Life Insurance is all set to launch new products in line with IRDAI’s revised product regulations from January 2020. The company offers a holistic product suite that caters to all the life-stage needs of customers.
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