Chennai: Bharti AXA General Insurance has said the company has registered its maiden full-year profitability in the financial year 2018-19 with a robust 29 per cent growth ahead of the industry growth rate.
The company recorded an increase of 29 per cent in its gross written premium (GWP) to Rs 2,285 crore in the financial year 2018-19 from Rs 1,772 crore in 2017-18.
A release said the growth is driven across all product segments and all channels of distribution. It achieved healthy top line performance against an overall industry growth of 12.9 per cent and private sector growth of 25 per cent in the financial year ended 31 March.
Strong premium growth at more than double of industry growth helped the company post a net profit of Rs 3 crore in the financial year, against a loss of Rs 92.6 crore during 2017-18, added the release.
“We are happy to notch up the first-ever full-year profitability and grow faster than the industry in the financial year 2018-19. This has been achieved by expanding the distribution network, adding number of strategic distribution partnerships and business alliances and diversification of product lines. We will continue to focus on channel and segment diversification, productivity and prudent expense management to drive growth in years to come,” said MD and CEO, Bharti AXA General Insurance, Sanjeev Srinivasan.