Bharti AXA General Insurance recently announced that its business grew by 34% to touch Rs.1,772 crore for the financial year that ended on 31 March 2018. The insurer had recorded a gross written premium of Rs.1,326 crore in FY17. The insurer also reported that it had raised Rs.220 crore in subordinated debt in the last fiscal, and recorded a solvency ratio to the tune of 1.86 during FY17-18.
Mr. Sanjeev Srinivasan, the managing director and chief executive officer of Bharti AXA General Insurance, said that these initiatives contributed to a significant improvement in the firm’s financial health. Further, he also said that the success of the company was due to an increase in the gross written premium, segment and channel diversification, and improvement of the combined operating ratio.
Bharti AXA General Insurance is focussed on building a strong partnership and bancassurance business, along with also scaling the lines of its corporate business, digital and motor businesses, and agency. The insurer’s venture into the crop business sector was also successful, with it contributing to around 21% of the gross written premium during FY17-18.
Bharti AXA General Insurance is a leading private-sector non-life insurance company in India that was formed in a tie-up between Bharti Enterprises and French insurance company AXA. The insurer offers a number of general insurance products including car insurance, two-wheeler insurance, travel insurance, critical illness, health insurance, personal accident, home insurance policies, etc., among others.
Source: The Times of India, The Economic Times, The Hindu Business Line