Private non-life insurer Bharti AXA General Insurance said the company has turned profitable in the first half of the current financial year on the back of an impressive growth in premium income and improved operating efficiencies.
The company posted a maiden net profit of Rs 3.3 crore in the first six months of this fiscal against a loss of Rs 59.3 crore in the same period in the previous fiscal.
Bharti AXA General Insurance, a joint venture between Bharti Enterprises and Frence Insurance major AXA, recorded an increase of 38 per cent in its gross written premium (GWP) to Rs 1,087 crore in the first half from Rs 788 crore in the year-ago period.
“We are pleased to be on the path of profitability and this has been an outcome of superior risk selection, improved operating efficiencies and our razor-sharp focus on automation and digitization. These efforts have resulted in posting maiden profits for the company in the first half of financial year 2018-19 and will help drive the growth momentum,’’ said Sanjeev Srinivasan, MD & CEO.
The company witnessed overall growth across product lines and all channels and healthy growth in segments like health insurance, followed by personal accident and travel, and commercial lines and crop.