Bharti AXA Life Insurance Posts 33% Growth In Weighted New Business Premium For H1-Fy22
News desk, News Nation 360 : Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, told that the company outperformed the private and overall industry growth by registering 33 per cent growth in its Weighted New Business Premium to Rs 285 crore in H1-FY22 from Rs 214 crore in the corresponding fiscal period a year ago. The company recorded growth of 53 per cent in weighted new business premium in the month of September 2021 and
outperformed the private sector by 1.5X. The 13th month persistency ratio for Bharti AXA Life insurance improved to 64.4 per cent in H1-FY22, up from 60.7 per cent for the same period last year, indicative of the quality of business being underwritten. The Company’s solvency ratio stood at 188 per cent on September 30, 2021, well above the regulatory requirement of 150%. The company recorded a surge of 28 per cent in its asset under management at Rs 10,256 crore as on September 30, 2021 against Rs 7,987 crore in the corresponding period of the last fiscal. The company’s AUM has grown ~2X over the last three years. Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance stated that they have registered steady performance on many parameters and achieved one of the highest industry growth for their new business premium collection in the first six months of the current financial year. Further, their asset under management saw a strong growth of 28 per cent and has doubled over the past three years. The improvement in the COVID-19 pandemic situation since August 2021, buoyant consumer sentiment towards the need for life insurance and their investments in digital platforms to enhance customer experience and facilitate seamless services along with their suite of customer-centric products gives them confidence about achieving their business targets and growth in the coming months. They have recently unveiled their new brand purpose - In a complicated world, they make insurance simple and their ambitions to our stakeholders. They started their transformation journey last year to establish Bharti AXA Life Insurance as a challenger brand in the insurance space and they aim to achieve 90% customer retention and be a Billion Dollar revenue organization by 2025.
Report : Anustup Kundu