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Bharti AXA General Insurance Company Ltd and Shriram General Insurance Company Ltd have almost doubled their premium collections this year.
Bharti AXA GI is a 74:26 joint venture between Bharti Enterprises and AXA Group. Between April 2009 and February 2010, Bharti AXA GI had collected only Rs. 244.06 crore. According to the latest data submitted by all the non-life insurance companies, Bharti AXA GI has collected Rs. 491.23 crore in premiums for the period April 2010 to February 2011. Although the insurer’s contribution to the total business done by all the private general insurers is only 3.1 per cent, which is far less than ICICI Lombard’s 24.5 per cent, Bajaj Allianz’s 16.5 per cent and IFFCO Tokio’s 10.3 per cent; their growth percentage compared to last year’s figures is 101.3 per cent. This is the highest growth shown by any private general insurer for the period April 2010 to February 2011.
Bharti AXA General Insurance was also one of the first companies to cross the Rs. 200 crore gross written premiums (GWP) mark within the first year of operations.
Shriram General Insurance Company is next in line with a 91.9 percent growth in its premium collections between April to February this year, as compared to the business done in the corresponding period last year. The company is a joint venture between Shriram Capital Limited (Part of Shriram Group) and South Africa’s Sanlam Limited. The total premium amount collected by Shriram General up to February this year is Rs. 687.48 crore, which takes its contribution to the total business of private general insurers to 4.3 per cent. As against these figures, the company collected premiums worth Rs. 358.20 crores for the corresponding period last year.