Bharti AXA General Insurance reports gross written premium of Rs 3,183 cr in FY21

Retail health segment grew by 48 per cent driven by launch of new products and increased awareness due to the pandemic, it said.Business in crop insurance segment stood at Rs 804 crore in FY2021, compared to Rs 828 crore in FY20.The company said motor and travel insurance segments were impacted the most due to the COVID-19 pandemic and the resultant lockdown. While Bharti has a 51 per cent stake in the company, AXA holds the balance 49 per cent.

Non-life insurer Bharti AXA General Insurance reported a nominal growth of 0.82 per cent in its gross written premium (GWP) at Rs 3,183 crore in the fiscal 2020-21, as against Rs 3,157 crore in FY20.

The insurer posted a profit after tax of Rs 120 crore in FY21, a release said.

''Owing to the COVID-19 pandemic, FY2021 has been a challenging year for the industry and especially for us at Bharti AXA General Insurance,'' its Managing Director and Chief Executive Officer Sanjeev Srinivasan said in the release.

It saw 11 per cent growth in overall health segment at Rs 457 crore in FY21, against Rs 410 crore in the previous year. Retail health segment grew by 48 per cent driven by launch of new products and increased awareness due to the pandemic, it said.

Business in crop insurance segment stood at Rs 804 crore in FY2021, compared to Rs 828 crore in FY20.

The company said motor and travel insurance segments were impacted the most due to the COVID-19 pandemic and the resultant lockdown. The segment de-grew by 8 per cent to Rs 1,368 crore in the period under review, from Rs 1,488 crore a year ago.

Combined ratio stood at 110.5 per cent compared to 120.7 per cent in FY2020 on account of improved profitability, the release said.

The insurance company is a joint venture between Bharti Group and global financial protection and wealth management player AXA. While Bharti has a 51 per cent stake in the company, AXA holds the balance 49 per cent.

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