Bharti AXA life insurance earns 20% growth in renewal premium income

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Bharti AXA Life Insurance on Monday said its renewal premium income during April-September, 2019-20 rose 20 per cent to Rs 541 core. The private sector insurer had collected a renewal premium of Rs 453 crore in the year-ago period, Bharti AXA Life said in a statement.

However, new business premium remained muted at Rs 415 crore as compared to Rs 398 crore in the first half of 2018-19. As a result, the total premium rose 12 per cent to Rs 956 crore from Rs 851 crore in the first half of the previous year. It recorded 30 per cent growth in its asset under management to Rs 6,404 crore as on September 30, 2019, against Rs 4,928 crore by the same period a year ago.

The company is a joint venture between Bharti Enterprises and French insurance major AXA. It plans to expand its distribution footprint across the country in the current financial year.

The company recruited 7,167 agents in the half year ended September 30, 2019, to take advisor count to 41,722, up 9 per cent from the year-ago period, Bharti AXA Life Insurance Managing Director Vikas Seth said in a statement.

“Apart from focusing on building our agency and direct business, we are also keen to strengthen the bancassurance channel as we see it as a key distribution and growth opportunity. We are exploring multiple bancassurance options to achieve our long-term growth aspirations and increase India’s insurance penetration,” he said.