Bharti AXA Life new business premium up 25% in FY19

Bharti AXA Life Insurance Monday reported a 25 per cent increase in its new business premium to Rs 911 crore in the financial year ended March 2019.

The private sector company had earned a new business premium of Rs 731 crore in the previous financial year 2017-18.

The annualised new business premium increased 31 per cent to Rs 640 crore from Rs 489 crore in 2017-18, the company said in a statement.

The company, a joint venture between Bharti Enterprises and AXA, registered a 22 per cent growth in its renewal premium to Rs 1,164 crore as compared to Rs 954 crore in the previous fiscal.

The total premium rose 23 per cent to Rs 2,076 crore in the financial year 2018-19 from Rs 1,684 crore in 2017-18, it said.

"We have grown faster than the life insurance industry with the strong business performance in last financial year and are confident of registering robust growth in this fiscal," Bharti AXA Life Insurance Chief Executive Officer Vikas Seth said.

Asset under management witnessed an increase of 27 per cent from Rs 4,496 crore in 2017-18 to Rs 5,699 crore as on March 31, 2019.

He said the company has a big expansion plans in the current financial year in terms of recruitment of fresh advisors and setting up of more branches for new customer and business acquisition.

It will further strengthen its agency model for selling various insurance products and servicing customers efficiently, he added.