New Delhi/UNI: Private life insurer Bharti AXA Life Insurance has registered 20 per cent growth in its renewal premium income to Rs 541 core 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.
‘’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,’’ said Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance.
Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French insurance major, plans to expand its distribution footprint across the country in the current financial year.
The company recruited 7,167 agents in the half-year ended September 30, 2019, to take advisor count at 41,722, up 9 per cent over 34,555 advisors during the April-September period of 2018-19.
Mr. 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.’’
Earlier in this financial year, Bharti AXA Life Insurance struck a bancassurance pact with Karnataka Bank for distribution of its insurance products.
“Improving our year-on-year persistency and overall renewals will remain one of the core focus areas for this financial year. Automation is another key area for us as we want to make our processes and systems more robust and scalable,’’ he added.The company, which offers a holistic product suite that caters to all the life-stage needs of customers, is all set to launch new products in line with IRDAI’s revised product regulations from January 2020.
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