Bharti AXA Life Insurance on Thursday reported around 14% growth in its total collected premium to Rs 2,602 crore for FY22, compared with Rs 2,281 crore in the previous financial year.
Renewal premium for the life insurer, a joint venture between Bharti and AXA, grew 11% YoY to Rs 1,666 crore for FY22. “Despite the challenging macroeconomic environment, the company recorded a surge of 18% in its asset under management to Rs 11,025 crore in FY22, against Rs 9,374 crore in the last fiscal,” a release said.
Commenting on the annual business performance, Parag Raja, MD and CEO, Bharti AXA Life Insurance, said its focus on strategic bancassurance partnerships, industry collaborations and tie-ups, and product innovation fuelled growth, despite the Covid-induced headwinds in the first quarter of the last financial year. “We continue to remain optimistic about the industry’s growth potential, especially with the heightened demand for life insurance in the past year,” Raja said.
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