Bharti AXA General Insurance, which currently distributes through nine banks and over 50 NBFCs and Cooperative Banks, also added a number of distribution partnerships in 2019-20.
Private sector Bharti AXA General Insurance on Monday reported a 38 per cent increase in its gross premium collection to Rs 3,157 crore for the financial year ended March 31. The company had netted a premium income of Rs 2,285 crore in 2018-19, Bharti AXA General Insurance said in a statement. Driven by crop, commercial lines, motor and health insurance, the company said all product segments witnessed strong double-digit growth in 2019-20.
Crop insurance grew by 59 per cent to Rs 828 crore in the last financial year from Rs 519 crore in 2018-19, it said.
Motor insurance posted 30 per cent growth to Rs 1,488 crore in the last fiscal from Rs 1,143 crore in 2018-19, while health insurance grew by 23 per cent at Rs 410 crore in 2019-20 against Rs 334 crore in the corresponding financial year a year ago.
“The expansion of the distribution network and partnerships, new business alliances along with improved business activations from the robust bancassurance accompanied by diversified product portfolio helped us achieve healthy premium growth at more than triple of the industry growth rate in the last fiscal,” Bharti AXA General Insurance Managing Director Sanjeev Srinivasan said.
Bharti AXA General Insurance, which currently distributes through nine banks and over 50 NBFCs and Cooperative Banks, also added a number of distribution partnerships in 2019-20. “The current financial year looks challenging in view of the COVID-19 pandemic and disruptions caused by the nationwide lockdown. In 2020-21, we will pursue opportunities across channels with constant emphasis on customer centricity, focus on superior risk selections, prudent cost management, claims efficiency with investments in technologies and innovation to boost all lines of businesses,” he said.
He said the company stood well capitalized with the solvency ratio at 1.63 as on March 31, 2020, and the shareholders stand fully committed to invest and grow the business.