Bharti AXA Life Insurance said, despite the challenging macroeconomic environment, it had recorded a surge of 18% in its AUM at Rs 11,025 crore in FY22.
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Bharti AXA Life Insurance has reported a 14 percent increase in new business premium income at Rs 2,602 crore in the last financial year.The life insurer had garnered new business premium income of Rs 2,281 crore in FY21.The growth was driven by agency productivity focus, scale up of alternate models, as well as the partnership distribution channels on back of increased focus on quality, increase in share of counter and new strategic tie-ups, it said in a release on Thursday.In terms of Weighted New Business Premium (WNBP), the insurer registered a growth of 25 per cent at Rs 730 crore in 2021-22. It was at Rs 582 crore in the year-ago period.Renewal premium grew by 11 percent to Rs 1,666 crore in FY22. The company said it has outperformed the overall and private industry growth which stood at 16 percent and 22 percent, respectively, in the fiscal to March 2022.Despite the challenging macroeconomic environment, the company recorded a surge of 18 percent in its Asset Under Management at Rs 11,025 crore in FY22. In the year-ago period, the same stood at Rs 9,374 crore.Bharti AXA Life said it recorded a 39 percent year-on-year reduction in customer complaints. The company is a joint venture between Bharti Enterprises and global insurer AXA. ”Continuing on our growth trajectory, we have recorded an impressive 1.5X growth in the fiscal year, growing the WNBP by 25 per cent in FY22.”Our focus on customer centricity, strategic banca partnerships, industry collaborations as well as tie-ups and product innovation further fuelled growth, despite the COVID-induced headwinds in the first quarter of the financial year,” Parag Raja, Managing Director and Chief Executive Officer of Bharti AXA Life Insurance, said.He said the company continues to remain optimistic about the industry’s growth potential, especially with the heightened demand for life insurance in the past year.Among others, the insurer forged new associations, adding 6 new partnerships in the fiscal year with various fintech companies such as Ola and PhonePe, and 1 SFB.
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