Bharti AXA Life Insurance Posts 33% Growth in New Business Weighted Premium for S1-FY22
Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading trading groups, and AXA, insurance company, said today that the company has outperformed private and overall industry growth with growth of 33% of its weighted new business premium to reach Rs 285 crore in H1-FY22 against Rs 214 crore in the corresponding fiscal year one year ago.
The company saw a 53% growth in weighted new business premium in September 2021 and outperformed the private sector by 1.5 times.
Bharti AXA Life Insurance recorded an 8% growth in its renewal premium to Rs 645 crore in the first half of fiscal 2022, up from Rs 594 crore in the corresponding fiscal year a year ago.
Total premium income increased moderately to Rs 1,024 crore in the April-September period of this fiscal year, compared to Rs 912 crore in the first six months of last fiscal year.
The 13th month persistence ratio of Bharti AXA Life Insurance improved to 64.4% in H1-FY22, compared to 60.7% for the same period last year, which testifies to the quality of the business written.
The Company’s solvency ratio stood at 188% as at September 30, 2021, well above the regulatory requirement of 150%. The company recorded a 28% increase in its assets under management to Rs 10,256 crore as of September 30, 2021 from Rs 7,987 crore in the corresponding period of last fiscal year. The company’s assets under management have doubled over the past three years.
In line with the focus on customer-centric efforts to support customers during the pandemic, the company disbursed Rs 106 crore in covid-related claims for the first half of fiscal 2022.
Parag Raja, Managing Director and CEO of Bharti AXA Life Insurance, said: âWe delivered stable performance across many metrics and achieved one of the strongest growth in the industry for our new business premium collection. during the first six months of the current fiscal year. . In addition, our assets under management have grown significantly by 28% and have doubled over the past three years. “
“We have already had a good start with our new bancassurance partners – Fincare Small Finance Bank, Shivalik Bank and Utkarsh Small Finance Bank, and are actively seeking opportunities for strategic alliances and alliances to ensure sustained business growth over the next few years. years, âRaja said.
(To receive our electronic paper daily on WhatsApp, please click here. We allow sharing of the PDF document on WhatsApp and other social media platforms.)