Bharti AXA General Insurance back in black in FY21; reports ₹120 crore PAT

Bharti AXA General Insurance recorded a net profit of ₹120 crore on a gross written premium of ₹3,183 crore during financial year 2020-21.

The private general insurer had recorded a net loss of ₹243.63 crore on a gross written premium of ₹3,157 crore in FY20.

Bharti AXA General Insurance achieved a lower combined ratio at 110.5 per cent during FY21 compared to 120.7 per cent in FY20 on account of improved profitability. Market ranking of the company in the private General Insurance sector also improved to 10th from 11th position in previous year despite the pandemic.

Sanjeev Srinivasan, Managing Director and CEO, Bharti AXA General Insurance, said in a statement, “Owing to the Covid-19 pandemic, FY21 has been a challenging year for the industry and especially for us at Bharti AXA General Insurance.

While the overall demand for goods and services across the economy has been relatively low, consumers felt an evident need of insurance on the back of the uncertainty the pandemic has brought.This changing consumer behaviour helped us respond with required solutions and agility through tech advancements. Further, the year demanded realignment with focus on the health and commercial lines segment, and we managed to drive growth in these lines of business on account of increased awareness and launch of new products.”

While the health segment saw a 11 per cent growth at ₹457 crore in FY2020-21 against ₹410 crore last year, Retail health grew by 48 per cent driven by launch of new products and increased awareness due to the pandemic.

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