Bharti Axa Life Insurance on Thursday reported a 52 percent jump in new business premium at Rs 398 crore in the first half of the current fiscal, against Rs 262 crore in the year-ago period.
The annualised new business premium grew 65 percent to Rs 269 crore, compared with Rs 163 crore in the same period last year, the company said in a release.
Renewal premium increased by 21 percent to Rs 453 crore, against Rs 374 crore last year, while total premium stood at Rs 851 crore, up 34 percent from Rs 636 crore in the year-ago period.
"Our focus on traditional products, cost management, customer centricity and digitisation will help us achieve qualitative performance in the journey of growth," said Vikas Seth, managing director and chief executive officer, Bharti Axa Life Insurance.
The insurer's asset under management stood at Rs 4,928 crore as on September 2018, compared with Rs 4,087 crore as on September 30, 2017, a 21 percent rise.
The company said it is planning to expand its distribution footprints across the country in FY19.
"We have added 30 new branches during the April-September period of this fiscal, taking the branch count to 216. In the second half, we will set up 20 more branches, for which the company has already received approval from IRDAI," he said.
It's 13th month persistency improved to 67.5 percent as on September 30, 2018, against 64.4 percent as on September 30, 2017, the company said.
Bharti Axa Life is a joint venture between Bharti group, with interests in telecom, agriculture business and retail, and Axa, with interests in financial protection and wealth management.
The joint venture company has a 51 percent stake from Bharti and 49 percent stake of Axa.