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Bharti AXA Life Insurance’s new business premium grew by a whopping 52 per cent in the first half this fiscal to ₹398 crore, compared to ₹262 crore in the same period a year ago, the life insurer said on Thursday.
Renewal premium for the period under review grew 21 per cent to ₹453 crore, from ₹374 crore last year. Total premium during the first six months grew 34 per cent to ₹851 crore from ₹636 crorein the same period in 2017.
Assets under management grew 21 per cent to ₹4,928 crore as on September 2018, as compared to Rs 4,087 crore on September 30, 2017.
Vikas Seth, MD and CEO, Bharti AXA Life Insurance, said, “We grew faster than the industry in the half year of 2018-19 and are confident of sustaining the growth momentum in the second half of the current fiscal. Our focus on traditional products, cost management, customer centricity and digitisation will help us achieve qualitative performance in the journey of growth.”
The company has plans to expand its distribution footprints across the country this year. “We have added 30 new branches during the April-September period of this fiscal, taking the branch count to 216. In the second half of 2018-19, we will set up 20 more new branches for which the company has already received approval from IRDAI,’’ Seth said.
Bharti AXA Life Insurance recorded 65 per cent growth in its advisor headcount at 34,555 insurance agents in the half year ended September 30, 2018, as compared to 22,506 agents in the same period last year.
The 13th month persistency improved from 64.4 per cent on September 30, 2017 to 67.5 per cent in the same period this year , reflecting the insurer’s focus on quality business.
“We continue to focus on quality business and profitable growth with a focus on group life, protection and saving segments. Volatile markets notwithstanding, both protection and savings continue to post stellar growth in the months to come. We are confident of capitalising on these opportunities going forward,’’ Seth said.
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