Private insurer Bharti AXA Life Insurance Company has embarked upon its aggressive expansion drive and added 10,000 insurance 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 advisor hiring to 38,000 agents during 2018-19 as against 28,638 insurance advisors as on March 31, 2018, Bharti AXA Life Insurance said in a statement.
Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French insurance major AXA, set up 50 new branches to take an enhanced distribution network of 236 branches pan-India in the current financial year, up 27 per cent over 186 branches as on March 31, 2018.
"The addition of 10,000 insurance advisors and 50 new branches during the current financial year will strengthen our distribution bandwidth and help in new customer acquisition," Bharti AXA Life Insurance Managing Director Vikas Seth 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.
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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 life insurance 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.