Bharti AXA Life new business income grows 25 pc to Rs 911 crore in FY19

Its annualized new business premium rose 31 per cent to Rs 640 crore in the financial year ended March 31, 2019, from Rs 489 crore in 2017-18.

The company registered 22 per cent growth in its renewal premium to Rs 1,164 crore in 2018-19 fiscal, as compared to Rs 954 crore in 2017-18.

Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French insurance giant AXA, said its total premium grew 23 per cent to Rs 2,076 crore in the financial year 2018-19 from Rs 1,684 crore in the corresponding fiscal a year ago.

‘’We have performed well on all key business parameters in the financial year 2018-19. The overall growth was driven by both higher new business as well as healthy renewal collections in the last fiscal. Our customers have also reaffirmed their faith in us which is reflected in significant growth in renewal premium income. We have grown faster than the life insurance industry with the strong business performance in last financial year and are confident of registering robust growth in this fiscal,’’ said  Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance.

Asset under management witnessed an increase of 27 per cent from Rs 4,496 crore in 2017-18 to Rs 5,699 crore as on March 31, 2019.

The company set up 50 new branches to take an enhanced distribution network of 236 branches across the country during 2018-19, up 27 per cent over 186 branches in 2017-18.

Bharti AXA Life Insurance took its net advisor force by 10,750 to 39,400 agents in the financial year ended March 31, 2019, up 38 per cent over 28,638 insurance advisors in 2017-18.

Mr. Seth said, ‘’As part of our aggressive expansion drive to strengthen operation and enhance distribution footprint in the country, we increased our advisor base and branch count in the last financial year with a view to creating a large pool of productive agents and reaching out to every nook and corner of the country.’’

He said the company has a big expansion plans in the current financial year in terms of recruitment of fresh advisors and setting up of more branches for new customer and business acquisition. It will further be strengthening its agency model for selling various insurance products and servicing customers efficiently.

‘’Apart from focusing on quality business and sustainable growth with an emphasis on protection and saving segments, we will continue to strengthen digital and data analytics deployments for providing the best value proposition to our customers and efficiency in our operations,’’ he added.