Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, and AXA, today announced that the company has hired 10,000 insurance advisors and set up 50 new branches across India in the current financial year.
The aggressive expansion drive is part of the company’s overall strategy to strengthen its operation and enhance distribution footprint in the country.
Bharti AXA Life Insurance recorded 40 per cent growth in its new business premium to Rs 617 crore during the April-December period of 2018-19 from Rs 442 crore in the corresponding period a year ago.
The company posted 19 per cent growth in its renewal premium Rs 742 crore in the first three quarters of this fiscal, as compared to Rs 623 crore in the same period during the financial year 2017-18.
The annualised new business premium grew 48 per cent to Rs 422 crore in the first nine months of 2018-19 against Rs 286 crore in the similar period of 2017-18.
Its individual claims settlement ratio, which indicates death claims settled by a life insurance company in a financial year, stood at 96.7 per cent as on December 31, 2018.
The company has crossed the milestone figure of Rs 5,000 crore in its asset under management during the third quarter of 2018-19.
The company registered 33 per cent rise in advisor hiring to 38,000 agents during 2018-19 as against 28,638 insurance advisors as on March 31, 2018.
It added 50 new branches to take an enhanced distribution network of 236 branches pan-India in the current financial year, up 27 per cent over 186 branches as on March 31, 2018.
‘’We have embarked upon our most aggressive expansion drive in the recent years and added close to 10,000 insurance advisors and 50 new branches during the current financial year. We plan to create a large pool of productive agents, strengthen our existing advisor base and reach out to every nook and corner of the country. This will strengthen our distribution bandwidth and help in new customer acquisition,’’ said Mr. Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, here.
He said the company is focusing on Tier II and Tier III for branch expansion and insurance agent hiring and it plans to continue its expansion spree in the next financial year with a focus on profitable growth.
With branch expansion and recruitment of insurance agents, Seth said, the company is aiming to create a stronger presence and enhance the width and depth of its reach in the country.
Seth said, ‘’We have outgrown the life insurance industry in the first nine months of this fiscal. We are confident of achieving a robust growth by the end of the current financial year.’’
He pointed out that the company continues to focus on traditional products, agent productivity, cost-efficiency and channel and distribution diversification for pursuing its growth aspirations in times to come.
‘’We will further be strengthening our agency model for selling various insurance products and servicing customers efficiently. Our ultimate objective is to reach out to all segments of the society to create a financially secured India,’’ Seth added.