Bharti AXA premium collection grew by 47% in 2011

Private insurer Bharti AXA General Insurance today said it saw 47% growth in premium collection at Rs 776 crore in 2011 compared to 2010.

The company's Gross Written Premium (GWP) for 2010 stood at Rs 528 crore, Bharti AXA General said in a statement.

"Year 2011 has been a great year for us and this outcome is the result of our colleagues, partners and stakeholders' relentless support and commitment. We look forward to 2012 and aim to focus on best in class products and services to enhance customer delight," Bharti AXA General Insurance CEO Amarnath Ananthanarayanan said.

The company sold over 6.5 lakh policies in 2011 and settled over 1.2 lakh claims compared to 4.86 lakh policies and 74,006 claims in 2010.

 

"In 2011, we grew by close to 50% over 2010 and in 2012, we look forward to improving our internal efficiency and seek organisational growth," Bharti AXA General Insurance CFO Sampath Kumar said.

Delhi and NCR, Mumbai, Ahmedabad, Hyderabad, Bangalore and Kolkata contributed 56% of the overall retail business.

As a zone, the Western region led the pack with 36% contribution to the company's GWP followed by the north with 35%.

Tier II cities' contribution to the overall retail business was 21% and Tier III locations contributed 23%.

The motor vertical was the largest contributor with 70% to the overall company business, followed by health and personal accident at 18% and commercial lines at 12%.

Bharti AXA General Insurance offers 58 products catering to small and large customers in rural, semi-urban and urban areas, as well as small enterprises and large industries.