Bharti AXA Life Insurance registered a marginal rise of 4.3% in its total premium income to Rs 2,281 crore in FY21, the company said on Monday. Renewal premium grew by a healthy 10% in 2020-21, it added.
The second wave of the COVID-19 pandemic has impacted the new business premium income, which stood at Rs 783 crore in FY21, compared to Rs 829 crore in FY20, a company statement said.
The annualised new business premium was Rs 582 crore for FY21.
Total premium income grew moderately to Rs 2,281 crore in FY21, from Rs 2,187 crore in the preceding financial year, the statement said.
Renewal premium registered 10% growth at Rs 1,498 crore for 2020-21 as against Rs 1,359 crore in the previous fiscal.
Bharti AXA Life Insurance said notwithstanding the tough economic conditions and ongoing pandemic, there was a 36% surge in its asset under management to Rs 9,374 crore in FY21 against Rs 6,902 crore in FY20.
In line with the focus on customer-centric endeavours to support customers during the pandemic, the company has recorded a 39% year-on-year reduction in complaint counts, it added.
Parag Raja, Managing Director and Chief Executive Officer of Bharti AXA Life, said when the pandemic broke, the company rapidly adjusted to the evolving needs and ensured the resources were available at all times.
"We were able to capitalise on our investment income that significantly contributed towards meeting our profitability targets and helped us navigate through the ongoing uncertain times," Raja said.
The insurer said it plans to expand its distribution footprint across the country by engaging with different distribution channels.
The company has adopted new technologies along with 7 new digital platforms, it said, adding the expansion through digital channels resulted in a 7X growth in digital sales in FY21.
"Digitisation is a way of life for our prospects and customers, especially in light of the pandemic. The emphasis is on customer centricity with convenience through our digital interface.
"As the appreciation for protection of life and securing one's financial future grows, more customers are gravitating to online mediums to research for protection-based life insurance plans," Raja said.
Bharti AXA Life Insurance was also able to achieve an overall 24% growth in agent productivity. The company also launched and augmented 10 products and engaged with 25 new partners in FY21, the company said.
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