Business Daily from THE HINDU group of publications
Friday, Nov 06, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Friday, Nov 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Life Insurance Bharti AXA to infuse Rs 415 cr Our Bureau Mumbai, Nov. 5 Bharti AXA General Insurance, a joint venture between Bharti Enterprises and AXA, will infuse Rs 415 crore additional capital in the next five years to fuel its expansion plans, said Mr Kimsoon Chua, Chief Operating Officer of the company. The company is presently capitalised at Rs 230 crore. The company is targeting to achieve a gross written premium (GWP) of Rs 230 crore by this fiscal-end. In the April-September period, the company’s GWP was at Rs 96 crore. The company’s focus will be on expanding its retail business. “Retail business constitutes around 60 per cent of our total business. We plan to increase it 65 per cent,” Mr Chua said, on the sidelines of a press meet. Bharti Axa is planning to almost double its branch strength from 55 to 100 by March 2010. It is also scouting for bancassurance partners to expand its network. At present, the company has no bancassurance partner. The general insurer leverages the outlets of Airtel for sale of policies. “At present, around 2-3 per cent of the total policies are sold through Airtel outlets. We plan to increase this to 15-20 per cent,” Mr Chua added. More Stories on : Life Insurance
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