Bharti Axa may require R200 cr for growth plans

Written by Press Trust of India | Mumbai | Updated: Aug 14 2012, 09:06am hrs
Private general insurer Bharti Axa is likely to require around R200 crore in next two years to support its future growth plans, a top company official has said.

We are well capitalised as of now, but will need around R200 crore in the coming two years to support our growth plans, said Bharti Axa General Insurance chief executive Amaranath Ananthanarayanan.

He also said the insurance firm is hopeful of achieving break-even in FY2014, given the current growth rate. He said the company is hopeful of posting 30-40% growth in gross written premium (GWP) in this fiscal.

When the economy doesnt do well, the risk perception increases, which helps the general insurance industry. We stick to our previous growth projections and hopeful of posting a 30-40% growth in premium collection in the current fiscal, he said.

The gross written premium of Bharti Axa has grown 60% to R892 crore in FY 2012.

He also said health insurance premium may go up by around 20% by the end of this fiscal after the finance ministrys directive to the state-run general insurance players to raise premium.