Bhubaneswar: Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today said the company has registered a 38 per cent increase in its premium income in the financial year 2019-20. The Gross Written Premium surged to Rs. 3,157 crore for the financial year ended March 31, 2020, up 38 per cent over Rs. 2,285 crore in 2018-19.
‘’We are pleased to grow much faster than the industry and maintain a steady growth performance across key matrices of the business in the financial year 2019-20. The expansion of distribution network and partnerships, new business alliances along with improved business activations from the robust bancassurance accompanied by diversified product portfolio helped us achieve healthy premium growth at more than triple of the industry growth rate in the last fiscal,’’ said Mr. Sanjeev Srinivasan, Managing Director and Chief Executive Officer, Bharti AXA General Insurance.
Driven by crop, commercial lines, motor and health insurance, he said, all product segments witnessed strong double-digit growth in 2019-20. Crop insurance grew by 59 per cent to Rs. 828crore in the last financial year from Rs. 519 crore in 2018-19. Commercial lines segment focused on SME and MSME to grow by 49 per cent at Rs. 430crore in the year ended March 31, 2020, against Rs. 289 crore in the corresponding fiscal a year earlier.
Bharti AXA General Insurance, which currently distributes through 9 banks and over 50 NBFCs and Cooperative Banks, also added a significant number of distribution partnerships in the financial year 2019-20. Continuing on its path of innovation, the company also proposed two new products – Short Term Health Insurance and Usage-based Motor Insurance – under the Sandbox initiative launched by IRDAI and received approval for both the innovative products in 2019-20.
Comments are closed.