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Bharti AXA General Insurance (BAXAGI) has recorded a 34 per cent increase in Gross Written Premium (GWP) for the year ended March 31, 2018, at Rs 1,772 crore (Rs 1,326 crore). The key indicator for any general insurance business is loss ratio, which has narrowed to 83 per cent in the year ended March 31, 2018 from 86.4 per cent in the financial year 2016-17, despite strong GWP growth, thereby, improving the overall health of the financials.
BAXAGI is a joint venture between Bharti Enterprises and AXA, one of the world's largest insurance companies. Commenting on the performance, Sanjeev Srinivasan, Managing Director and Chief Executive Officer (CEO), BAXAGI said, "We have achieved our growth momentum largely on the success of three focus areas -- a robust rise in Gross Written Premium, improvement in combined operating ratio, and channel and segment diversification".
Apart from improvement in the growth yardstick, portfolio mix, cost-efficiency and channel productivity also contributed to the reduction in loss in the past financial year, he said. "We hope the growth momentum will continue in the current fiscal with a focus on profitability," Srinivasan said in a statement.
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