New Delhi: Bharti AXA General Insurance on Tuesday said the company registered an increase of 29 per cent in its Gross Written Premium (GWP) to Rs 2,285 crore in the financial year 2018-19 from Rs 1,772 crore in 2017-18.
Driven by growth across all product segments and channels of distribution, it achieved healthy top line performance against an overall industry growth of 12.9 per cent and private sector growth of 25 per cent in the financial year that ended on March 31, 2019.
Strong premium growth at more than double of industry growth helped the company post a net profit of Rs 3 crore in the financial year ending on March 31, 2019, against a loss of Rs 92.6 crore during 2017-18. With this business milestone, Bharti AXA General recorded its maiden full-year profitability in the financial year 2018-19.
“We are happy to notch up the first-ever full-year profitability and grow faster than the industry in the financial year 2018-19. This has been achieved by expanding the distribution network, adding number of strategic distribution partnerships and business alliances and diversification of product lines. We will continue to focus on channel and segment diversification, productivity and prudent expense management to drive growth in years to come,” said Sanjeev Srinivasan, Managing Director and Chief Executive Officer, Bharti AXA General Insurance. (IANS)