RENEWAL PREMIUM ROSE 21% TO RS 954 CRORE IN FY 18
TOTAL PREMIUM GREW 21% TO RS 1,684 CRORE IN FY 18
REGISTERED MAIDEN NET PROFIT OF RS 5 CRORE IN FY18 AGAINST RS 120 CRORE LOSS IN FY17
INCREASED DISTRIBUTION NETWORK BY ADDING 50 BRANCHES
ADDED 10,000 ADVISORS ACROSS INDIA IN LAST FISCAL
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, said the company has registered 20 per cent increase in its new business premium at Rs 730 crore in the financial year 2017-18 against Rs 608 crore IN 2016-17.
Mr. Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance
The company recorded 21 per cent growth in its renewal premium to Rs 954 crore in the year ended March 31, 2018, as compared to Rs 788 crore during 2016-17.
The total premium grew by 21 per cent to Rs 1,684 crore during 2017-18, as compared to Rs 1,397 in the same period a year earlier.
Bharti AXA Life Insurance has posted a maiden profit of Rs 5 crore in the financial year 2017-18 against a loss of Rs 120 crore during 2016-17.
Commenting on the superlative performance of the company, Mr. Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, ‘’We are delighted that the company has turned profitable in the last financial year. This is a significant milestone in the journey ahead. We have significantly brought down our operating expense ratio. Cost efficiency, high renewal premiums, better product mix and productivity and higher persistency helped the company record profits.’’
This is the first time Bharti AXA Life Insurance reported profits since it started operations in 2006 and it has joined the league of profitable insurance companies in India.
Mr. Seth said, ‘’Besides the strong growth in revenue and new business, we will continue to drive customer centricity, with customer being the focus, traditional products delivered in new age partnerships and delivery modes powered by technology. Complimented with our channels and agent productivity, we hope to continue to be on a high growth yet profitable journey ahead.’’
Bharti AXA Life Insurance added as many as 50 branches to expand its distribution network to 187 offices across the country in the year ended March 31, 2018.
The company increased its advisor count by 10,000 during 2017-18 and also recruited over 1,000 sales managers to expand its distribution network across India.
‘’Going forward, our focus would be on growth, including from non-traditional channels, robust profitability and operational efficiency coupled with customer-friendly and congenial ways of accessing insurance, so as to harness the yet underpenetrated domestic insurance market, growing middle class and young insurable population along with increasing household savings rate,’’ Mr. Seth added.