Bharti AXA Life targets Rs 1,000-cr revenue in FY10

Bharti AXA Life Insurance, a joint venture between Bharti Group and Paris-based AXA Group, is targeting Rs 1,000-crore revenue during this fiscal compared to Rs 360 crore in the previous year, a top company official said today.

"We plan to increase our revenue by over 2.5 (times) to Rs 1,000 crore in this financial year against Rs 360 crore in FY09. Of the Rs 1,000 crore, Rs 765 crore will come from new business premium collection and rest will be renewal premium," Bharti AXA Life Insurance Chief Executive Officer Nitin Chopra told reporters here.

During the last fiscal, the company garnered Rs 293 crore as new business premium.

Bharti AXA Life Insurance today launched a premium guarantee product-Guarantee Builder.

"The company with a current capital base of Rs 850 crore plans to add Rs 100-crore during the second quarter," Chopra said.

"We have a paid-up capital of Rs 850 crore and will be infusing Rs 100 crore during the coming quarter (Q2) of this fiscal. In the current quarter, we have already infused Rs 100 crore," Chopra said.

"The company is expecting to break-even in 2012-13," Chopra said.

As part of its plans to enhance the product portfolio, the private insurer is also entering into a micro-insurance and health segments, Chopra said.

"We will shortly enter into micro-insurance and health segments," he said.

To start with the company would be launching one product each in both the segments. It has already filed for a health insurance product with the insurance regulator.

"The company would also be increasing its distributors strength from current 33,000 to 50,000 during the year," Chopra said.