Bharti AXA General business grows 34% to Rs 1,772 cr in FY18

Bharti AXA General Insurance today said it recorded 34 per cent increase in its business to Rs 1,772 crore for the fiscal ended March 31, 2018.

The company, a joint venture between Bharti Enterprises and French Insurance Major AXA, had gross written premium (GWP) of Rs 1,326 crore during 2016-17.

The company raised subordinated debt of Rs 220 crore in the last fiscal and has a solvency ratio of 1.86 as on March 31, 2018, Bharti AXA General Insurance said in a statement.

These initiatives contributed to an impressive improvement in the financial health of the company, with a clear immediate visibility of breaking even, Bharti AXA General Insurance MD and CEO Sanjeev Srinivasan said.

'We have achieved our growth momentum largely on the success of three key focus areas - robust rise in gross written premium, improvement in combined operating ratio, and channel and segment diversification,'' he said.

The company has invested in building a robust bancassurance and partnership business, complemented by significantly scaling the current lines of corporate business, agency, motor and digital business.

"Our foray into the crop business was immensely successful with contribution of 21 per cent GWP in FY18," he said.