Comments
Bharti AXA Life Insurance has reported a net profit of Rs 5 crore for the financial year 2017-18, registering its first-ever profit since its launch of operations in 2006.
The private life insurer, a joint venture between Bharti Enterprises and global insurance major AXA, had recorded a loss of Rs 120 crore in 2016-17.
"We are delighted that the company has turned profitable in the last financial year. This is a significant milestone in our journey," Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said in a statement here.
During the fiscal, Bharti AXA Life Insurance's new business premium increased 20 per cent to Rs 730 crore (Rs 608 crore). Total premium grew 21 per cent to Rs 1,684 crore ( Rs 1,397 crore).
The private life insurer had added as many as 50 branches to expand its distribution network to 187 branches across the country in 2017-18.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.