Bharti AXA General Insurance premium income rises 46% to Rs 1,586 cr in H1; all product segments witness growth

The company had collected Rs 1,087 crore in the corresponding period of the previous financial year, Bharti AXA General Insurance said in a statement.

Press Trust of India December 24, 2019 18:41:55 IST
Bharti AXA General Insurance premium income rises 46% to Rs 1,586 cr in H1; all product segments witness growth
  • The company had collected Rs 1,087 crore in the corresponding period of the previous financial year

  • Motor, health and travel led the growth for retail channel which registered a 38% increase in revenue in April-September 2019 over the same period a year ago

  • The company expects to grow faster than the industry in the second half of 2019-20 as well

New Delhi: Private sector non-life insurer Bharti AXA General Insurance on Tuesday said the company has registered a 46 percent rise in its gross written premium at Rs 1,586 crore in the first half of 2019-20.

The company had collected Rs 1,087 crore in the corresponding period of the previous financial year, Bharti AXA General Insurance said in a statement.

All product segments saw growth, led by commercial lines, motor, crop and health insurance, it said.

Bharti AXA General Insurance premium income rises 46 to Rs 1586 cr in H1 all product segments witness growth

Representational image. Reuters

Motor, health and travel led the growth for retail channel which registered a 38 percent increase in revenue in April-September 2019 over the same period a year ago, Bharti AXA General Insurance Managing Director Sanjeev Srinivasan.

The company expects to grow faster than the industry in the second half of 2019-20 as well, he said adding that increasing distribution network, new partnerships along with prudent product pricing have been key drivers for the company's growth in both retail and corporate businesses.

In the first half of 2019-20, the country witnessed multiple catastrophic events. Cyclones, such as Fani, Maha, and Bulbul, and extensive floods in Maharashtra, Gujarat, Bihar and several other states put customers through distress, he said.

While these calamities increased the number of claims, Bharti AXA General Insurance was in the forefront to manage each calamity and ensure that the customers received speedy and fair claim settlement, with more than 70 percent claims being settled within the first 10 days of claim intimation, he added.

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