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Motor & health sector to boost Bharti AXA's growth
Thursday, 13 January 2011, 18:51 IST
Mumbai: Private insurer Bharti AXA General Insurance today said it is looking at 60 percent growth this year by providing innovative solutions and focusing on motor and health verticals.
"We have reached 
500 crore in total premium collection in our second full year of operations and aim a growth of 60 percent in this calender year," Bharti AXA General Insurance CEO Amarnath Ananthanarayanan told reporters here.
The private insurer, which is looking to break even by 2012, has already infused over 460 crore and is planning to put in another 100 crore by this December, he added.
Motor insurance vertical contributed 70 percent to the overall business, while health and PA (personal accident) 17 percent and commercial lines 12 percent.
Ananthanarayanan said the company has 10 new products lined up in the health vertical, while in the motor segment it is planning 10 add-ons depending on the regulatory approvals.
"We will focus on growing retail health with 10 new add-ons to be introduced in 2011 (subject regulatory approval) and 20 new micro finance institutions (MFIs) tie-ups for customised solutions," he said.
While in the motor vertical, four new products are lined up this year awaiting regulatory approval and the focus will be on affinity tie-ups.
The company will focus on tier II and rural segments and in increasing commercial vehicles portfolio, he added.
In terms of zonal contributions, western region leads with 35 percent followed by north with 33 percent, south with 25 percent and east by 7 percent, Ananthanarayanan said.
"We want to focus more on south and east which has tremendous potential, both in the health and the commercial vehicles segments, he said.
In 2011, Bharti AXA General Insurance will add on another 19 offices taking it to a total of 73 establishments and is also looking at increasing the head count by 30 percent from the present over 1,300 employees, he said.
Bharti AXA General Insurance is a joint venture between Bharti Enterprises (74 percent) and AXA (26 percent).
Source: PTI
500 crore in total premium collection in our second full year of operations and aim a growth of 60 percent in this calender year," Bharti AXA General Insurance CEO Amarnath Ananthanarayanan told reporters here.
The private insurer, which is looking to break even by 2012, has already infused over 460 crore and is planning to put in another 100 crore by this December, he added.
Motor insurance vertical contributed 70 percent to the overall business, while health and PA (personal accident) 17 percent and commercial lines 12 percent.
Ananthanarayanan said the company has 10 new products lined up in the health vertical, while in the motor segment it is planning 10 add-ons depending on the regulatory approvals.
"We will focus on growing retail health with 10 new add-ons to be introduced in 2011 (subject regulatory approval) and 20 new micro finance institutions (MFIs) tie-ups for customised solutions," he said.
While in the motor vertical, four new products are lined up this year awaiting regulatory approval and the focus will be on affinity tie-ups.
The company will focus on tier II and rural segments and in increasing commercial vehicles portfolio, he added.
In terms of zonal contributions, western region leads with 35 percent followed by north with 33 percent, south with 25 percent and east by 7 percent, Ananthanarayanan said.
"We want to focus more on south and east which has tremendous potential, both in the health and the commercial vehicles segments, he said.
In 2011, Bharti AXA General Insurance will add on another 19 offices taking it to a total of 73 establishments and is also looking at increasing the head count by 30 percent from the present over 1,300 employees, he said.
Bharti AXA General Insurance is a joint venture between Bharti Enterprises (74 percent) and AXA (26 percent).
Source: PTI