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Insurance
29-Nov-21
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Bharti AXA Life Insurance posts 33% growth in weighted NBP in H1FY22
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Private life insurer Bharti AXA Life Insurance on Monday reported a 33% growth in its weighted new business premium (NBP) to Rs 285 crore in the first half of FY2022 compared to Rs 214 crore in the year-ago period. The company recorded growth of 53% in weighted new business premium in the month of September 2021, a release said.
Its renewal premium grew by 8% to Rs 645 crore in the April-September of FY2022 compared to Rs 594 crore in the year-ago period. Total premium income grew moderately to Rs 1,024 crore in the April-September period of this fiscal from Rs 912 crore in the first six months of the last financial year.
"We have registered steady performance on many parameters and achieved one of the highest industry growth for our new business premium collection in the first six months of the current financial year," its Managing Director and CEO Parag Raja said in the release.
The insurer's asset under management witnessed a strong growth of 28% and has doubled over the past three years.
Solvency ratio stood at 188% as of September 30, 2021, well above the regulatory requirement of 150%, the company said.
It has disbursed Rs 106 crore in Covid-related claims for the first half of the financial year 2022.
“As of September 30, 2021, the insurer had 254 branches and 33,266 advisors. It plans to expand on the back of strategic partnerships and by increasing its distribution footprints across the country with the help of digital innovation”, the release said.
Raja said the company aims to achieve 90% customer retention and be a billion dollar revenue organization by 2025.
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