Bharti Axa GI aims to break even in 2014

Dec 03 2012, 21:34 IST
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Bharti AXA General Insurance Company Bharti AXA General Insurance Company
SummaryHe was optimistic of a 30 per cent growth with focus on commercial line business and innovative products during the current fiscal and 25 per cent in 2014.

Bharti AXA General Insurance Company, a 74:26 joint venture between Bharti Enterprises and AXA group, today said it would break even by December, 2014 as the company aimed to grow by 25-30 per cent in the next two years.

"We expect to break even in the 2014 calender year," Bharti Axa General Insurance MD and CEO Amarnath Ananthanarayanan said here.

He said he was optimistic of a 30 per cent growth with focus on commercial line business and innovative products during the current fiscal and 25 per cent in 2014.

The company has crossed Rs 1,000 crore in gross written premium.

Ananthanarayanan said Rs 150-200 crore would be needed in fresh capital over the next two years to fund growth plans. In September, promoters infused Rs 60 crore.

He declined to speak about rumors of promoters selling stake or planning an exit.

The private insurer planned to increase the share of commercial lines to 20 per cent by March 2014 from 8 per cent currently as this segment was the most profitable.

The company planned new products in the commercial line and would focus on marine and project insurance and package policies.

The company aimed at a health portfolio of 20 per cent each, while the share of motor insurance would come down to 60 per cent from 70 per cent.

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