New Delhi [India], June 8 (ANI): Bharti Axa Life Insurance said on Monday it registered 17 per cent growth in its renewal premiums to Rs 1,359 crore for the year ended March 31 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 FY20 from Rs 2,076 crore in FY19. But the new business premium income declined to Rs 829 crore from Rs 911 crore.However, assets under management witnessed a surge of 21 per cent to Rs 6,902 crore from Rs 5,699 crore in the same period.

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"We grew and registered steady performance on many business parameters in the financial year 2019-20 despite the disruption caused by spread of coronavirus pandemic and subsequent lockdown in the crucial month of March, which adversely affected domestic life insurance industry in terms of new business," said Managing Director and Chief Executive Officer Parag Raja.

"The healthy renewal premium collections and an increase in the total premium income led our growth journey in the last fiscal. Our new business premiums contracted mainly due to a shortfall in March, an important month for new business in the industry, which was triggered by the Covid-19 lockdown and social distancing," he said in a statement.

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The company set up 25 new branches to take an enhanced distribution network of 261 branches across the country during 2019-20, up over 10 per cent over 236 branches in 2018-19. Besides, it added 3,934 new advisors to strengthen its net agent force to 43,316, up 10 per cent from 39,382 advisors in 2018-19.

Apart from strengthening its agency and direct business and exploring multiple bancassurance options, the company also fast-tracked the entire digitisation journey and created an eco-system of tools to identify need, share solutions digitally and complete end-to-end transaction using customer on-boarding and servicing tools.

"Protection continues to be a cardinal part of our differentiated product mix as it brings real insurance products to the customers and builds a safety net for their families," said Raja.

"The prevailing situation has made us to re-imagine the entire sales process from face-to-face meetings to remotely approaching the customers and closing the transaction. The trainings have been modified to suit digital solicitation. We have also created digital sales tools that make the entire conversation more interesting and interactive for the customers."

The company said it will continue on the path of transformation with a focus on overall all renewals, improved persistency, product innovation, a diversified distribution bandwidth, digital and data-led strategy and customer-centricity to inch closer to its cherished vision of 'Insurance for All,' achieve profitable growth and maximise value for its stakeholders in the years ahead.

Bharti Axa Life Insurance is a 51:49 joint venture between Bharti, one of India's leading business groups with interests in telecom, agriculture business and retail, and Axa, one of the world's leading organisations with interests in financial protection and wealth management.

The company has pan-India presence through its 261 offices and offers need-based insurance products targeted at individual and groups. (ANI)

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