Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, said the company registered 17 per cent growth in its renewal premium to Rs 1,359 core for the year ended March 31, 2020, against Rs 1,164 crore in the last financial year 2018-19.
The total premium income grew 5 per cent to Rs 2,187 crore in the financial year 2019-20 from Rs 2,076 crore in 2018-19. The company said its new business premium income stood at Rs 829 crore in the financial year 2019-20, as compared to Rs 911 crore in the corresponding fiscal period a year ago. Asset under management witnessed a surge of 21 per cent to Rs 6,902 crore in for the year ended March 31, 2020, from Rs 5,699 crore as on March 31, 2019.
Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, “We grew and registered steady performance on many business parameters in the financial year 2019-20, despite the disruption caused by the spread of Coronavirus pandemic and the subsequent lockdown in the crucial month of March, which adversely affected the domestic life insurance industry in terms of new business.”
