Chennai: Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and AXA, has said its business premium surged 52 per cent at Rs 398 crore in the first half (H1) of financial year 2018-19 against Rs 262 crore in the corresponding fiscal period.
In the April-September period, the new business premium recorded 65 per cent growth to Rs 269 crore.
The company posted 21 per cent rise in its renewal premium to Rs 453 crore in the half year ended 30 September.
The total premium rose over 34 per cent to Rs 851 crore in H1 of the current fiscal from Rs 636 crore in H1 of the last financial year.
The asset under management grew 21 per cent to Rs 4,928 crore as on September, as compared to Rs 4,087 crore in the same period last year.
MD and CEO, Bharti AXA Life Insurance, Vikas Seth, 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 digitization will help us achieve qualitative performance in the journey of growth.”
“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,” he added.