"We will focus more on commercial and health insurance segments going ahead to increase their share in overall business. This will help us to reduce dependence on motor segment," Bharti Axa General Insurance MD and CEO Amarnath Ananthanarayanan told reporters here.
During April-December period of current financial year, while motor insurance contributed around 73 per cent of the overall business, health and personal accident contributed 13 per cent and commercial lines at 11 per cent.
When asked about the loss ratio, a critical indicator of profitability of a general insurance firm, he said loss ratios are likely to be better in this fiscal compared to previous fiscal.
The general insurance firm said that it will come up with new customised offerings for dealers and retail customers in motor insurance segment in the current year.
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"We will also file two new products in the health insurance segment in 2014," Ananthanarayanan said.
He also said that the company would expand its footprint in the country with opening of 29 branches in 2014.
Bharti AXA General Insurance is the joint venture between Bharti Enterprises and AXA group of France, in which 74 per cent stake is being held by Bharti group.
It has a premium collection of Rs 1,183.55 crore during April-January period of this fiscal.