Bharti AXA Life Insurance, a private life insurer, said on Monday that the company’s weighted new business premium increased 33% in the first half of this fiscal year to 285 crore (214 crore).
The company saw an 8% growth in its renewal premium to 645 crore (â¹ 594 crore).
Total premium income increased moderately to 1,024 crore in the period April-September 2021, compared to â¹ 912 crore in the first six months of the previous fiscal year.
The company saw a 53% growth in weighted new business premium in September 2021 and outperformed the private sector by 1.5 times.
Parag Raja, managing director and chief executive officer of Bharti AXA Life Insurance, said in a statement: Fiscal year in progress. In addition, our assets under management have experienced strong growth of 28% and have doubled over the past three years â.
Improving the situation of the Covid pandemic since August 2021, sustained consumer sentiment towards the need for life insurance and the company’s investments in digital platforms to improve customer experience and facilitate transparent services along with the customer-centric suite of products give us “the confidence to achieve our business goals and grow in the months to come.”
The 13th month persistence ratio for Bharti AXA life insurance improved to 64.4% in H1-FY22, compared to 60.7% for the same period last year.
The Company’s solvency ratio stood at 188% as at September 30, 2021, well above the regulatory requirement of 150%. The company recorded a 28% increase in its assets under management to 10,256 crore yen as of September 30, 2021 from 7,987 crore yen in the corresponding period last fiscal year.
The company disbursed 106 crore in Covid-related receivables for the first half of fiscal 2022.
Bharti AXA Life Insurance has 254 branches and 33,266 advisers as of September 30, 2021.
âWe have already had a solid start with our new bancassurance partners – Fincare Small Finance Bank, Shivalik Bank and Utkarsh Small Finance Bank, and we are actively seeking opportunities for strategic alliances and alliances to ensure sustained business growth over the years. next few years, âRaja said.