Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Industry News

| More

Bharti Axa Life Insurance reports 10% growth in renewal premium for year ended March 31, 2021

Posted On: 2021-06-29 07:44:22 (Time Zone: UTC)


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, today, said the company registered 10% growth in its renewal premium to Rs 1,498 crore for the financial year 2020-21 from Rs 1,359 crore in the corresponding fiscal period a year ago.

The COVID-19 pandemic and the second wave has impacted the company's new business premium income which stood at Rs 783 crore in FY21, as compared to Rs 829 crore in FY20. The annualized new business premium stood at Rs 582 crore for the financial year of FY21. Total premium income grew moderately to Rs 2,281 crore in this fiscal from Rs 2,187 crore in the last financial year.

In tough economic conditions with the ongoing pandemic notwithstanding, the company recorded a surge of 36% in its asset under management at Rs 9,374 crore in FY21 against Rs 6,902 crore in the last fiscal. In line with the focus on customer centricity endeavors to support customers during the pandemic, the company has recorded 39% Y-o-Y reduction in complaint counts.

Commenting on the company's annual business performance, Mr. Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, "When the COVID-19 pandemic broke out, our first focus was to protect our staff, clients, consultants, and allies. We rapidly adjusted to the evolving world, ensuring that our resources are available at all times. As a customer centric organization, our focus has been to ensure support to customers in these times. Additionally, we were able to capitalize on our investment income that significantly contributed towards meeting our profitability targets and helped us navigate through the ongoing uncertain times."

Bharti AXA Life Insurance, which has 263 offices, plans to expand its distribution footprint across the country by engaging with different distribution channels and strengthen its multi-channel architecture.

The company has adopted new technologies along with 7 new digital platforms to enhance customer experience and facilitate seamless services. The expansion through digital channels resulted in a 7X growth in digital sales in FY21.

"Digitization is a way of life for our prospects and customers, especially in light of the pandemic. We as a company are committed to enhance our digital modes/platforms for a better customer and user-friendly experience. The emphasis is on customer centricity with convenience through our digital interface. As the appreciation for protection of life and securing one's financial future grows, more customers are gravitating to online mediums to research for protection based life insurance plans," said Mr. Raja.

"The current environment and its impact on economy has not only made people conscious about their security in terms of health, life and future but also made them aware of the risks of not having a life cover. Therefore, we will further enhance our digital model to provide seamless customer service, along with a robust claims management system that ensures customer satisfaction especially in such dire situations." Mr. Raja added.

In addition to the financial highlights, in FY2020-21, Bharti AXA Life Insurance was also able to achieve an overall 24% growth Y-o-Y in agent productivity. The Company also launched and augmented 10 products and engaged with 25 new partners in FY21.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

CRISIL awards highest grading to Muthoot Microfin for fourth consecutive year

Tata Capital introduces Digital 'Loan Against Mutual Funds'

India Post Payments Bank in Strategic Alliance with Tata AIG General Insurance for Non-Life Insurance Products

JLL names Indian-origin Siddharth Taparia as Chief Marketing Officer

PharmEasy to hire 200+ engineers and launch New Development Centres in Hyderabad, Pune & NCR

Kotak Special Situations Fund invests Rs 1000 crore in TVS Supply Chain Solutions Limited & promoters of TVS Family

SBM Bank India collaborates with Lendingkart to market unique tailormade Overdraft facility

SBM Bank India Collaborates with OneCard to extend mobile-based credit cards

SVC Bank appoints Mr. Ashish Singhal as Managing Director

Liberty General Insurance offers special Travel Insurance for flight bookings on Yatra

India Ratings upgrades Muthoottu Mini Financiers debts instruments Ratings

BANKIT expects Rs 30,448-cr gross transaction value in current fiscal

Muthoottu Mini's NCD Public Issue Open, Effective Annualized Yield up to 10.47%*

Flipkart Wholesale plans to more than triple footprint in India by December to serve Kiranas

Go First, strengthen global presence through partnership with WorldTicket and Discover the World

Paytm Insurance Broking has 11.3 million customers who bought over 31 million insurance products

CreatorStack raises US$ 2mn in seed, led by Accel

Go First inducts 49th Airbus A320Neo Aircraft to its fleet

India INX expands product portfolio and permit trading in international stocks

Yamuna International Airport Pvt Ltd achieves financial close for Noida International Airport development

Tribal Women of Raj Uphaar Power Go First's New In-Flight Menu

BOI AXA Investment Managers appoints CEO

Revery raises US$2 million in pre-seed funding led by Sequoia Capital India

JLL launches residential property portal JLLHomes.co.in

Bharat Biotech's ROTAVAC 5D® Receives WHO Prequalification

B2B FMCG wholesale platform Apnaklub raises US$3.5 million in funding from Sequoia Capital India's Surge

Snapdeal's fashion sales up 210% in 2021

Strata raises $6 million in Series-A funding led by Kotak Investment Advisors, Gruhas Proptech, Sabre Investments and existing investors

Home Credit India is now Great Place to WorkR 2021 Certified

Housing sales may see a spurt of 20-35 % in the upcoming monsoons months: JLL

Meesho Becomes the First E-commerce Marketplace to Offer Zero Percent Commission to Sellers

Media processing company Gumlet raises USD$1.6 million in funding led by Sequoia Capital India's Surge

Fino Payments Bank's QR code based UPI solution to drive P2M digital payments

CM Naveen Patnaik performed Inauguration/ Ground-breaking of 14 industrial projects worth INR 1,537.07 Crore

GO FIRST Marks a stellar growth in market share to 8.3%

Vikram Solar becomes India's largest module manufacturer with upto 2.5 GW capacity

Sales share of Noida and Greater Noida in NCR was 49% in H1 2021: Report

Light Microfinance garners US$ 10 million in Series-A funding

Zurich Airport International AG signs shareholder agreement for the development of Noida International Airport

Alstom begins manufacturing of modern commuter & transit trains for Delhi-Ghaziabad-Meerut RRTS project

FedEx Express and Delhivery Come Together to Unlock Cross-Border Potential in India

Bridgeweave launches AI-powered InvestorAi - Your Personal Investment Analyst

TO THE NEW becomes a Partner of Google Cloud Platform

RAIN Technologies proudly launches RAIN TRADER, a marketplace for fully automated, algorithmic investing and trading models

Safexpress launches its 62nd ultra-modern Logistics Park in Navi Mumbai

DBS Bank India grows profitability despite impact from amalgamation of Lakshmi Vilas Bank

Green Soul raises Rs 1.5 Cr in revenue-based financing from Velocity

Liberty General Insurance Launches #Liberty365

CapitaLand launches second S$400 million logistics private fund in India

SBM Bank India collaborates with Drip Capital to empower MSME Exporters


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020