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Bharti AXA Life hires 10,000 insurance advisors during FY19

Press Trust of India  |  New Delhi 

Bharti Life Company has embarked upon its aggressive expansion drive and added 10,000 advisors and 50 new branches in the current fiscal so far to strengthen its operation and enhance distribution footprint in the country.

The company registered a 33 per cent rise in hiring to 38,000 agents during 2018-19 as against 28,638 advisors as on March 31, 2018, Bharti said in a statement.

Bharti Life Insurance, a joint venture between and French insurance AXA, set up 50 new branches to take an enhanced of 236 branches pan-in the current financial year, up 27 per cent over 186 branches as on March 31, 2018.

"The addition of 10,000 and 50 new branches during the current financial year will strengthen our distribution bandwidth and help in new customer acquisition," Bharti AXA said.

With branch expansion and recruitment of insurance agents, he said, the company is aiming to create a stronger presence and enhance the width and depth of its reach in the country.

The company recorded a 40 per cent growth in its new business premium to Rs 617 crore during the April-December period of 2018-19 from Rs 442 crore in the corresponding period a year ago.

The company posted a 19 per cent growth in its renewal premium to Rs 742 crore in the first three quarters of this fiscal, as compared to Rs 623 crore in the same period during the financial year 2017-18.

The annualised new business premium grew 48 per cent to Rs 422 crore in the first nine months of 2018-19 against Rs 286 crore in the similar period of 2017-18.

Its individual claims settlement ratio, which indicates death claims settled by a company in a financial year, stood at 96.7 per cent as on December 31, 2018.

The company has crossed the milestone figure of Rs 5,000 crore in its asset under management during the third quarter of 2018-19.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 11 2019. 15:30 IST