Bharti AXA Life Insurance's WNBP up by 25%
The company's WNBP grew by 14% in the fourth quarter of FY22, which is higher than the overall and private industry's 13% and 9% growth rates, respectively, in the same period.
Bharti AXA Life Insurance announced its financial results. The company has registered a growth of 25% in WNBP to Rs.730 crores in FY22 as against Rs.582 crores in FY21. The growth of the company has exceeded the growth of 16% and 22% of the overall and private sector industry.
Bharti AXA Life's total new business premium grew by 14% to Rs 2,602 crore in FY22 as against Rs 2,281 crore in FY21. Renewal premium increased by 11% to Rs 1,666 crore in FY22. This growth is driven by proprietary channels, including agency productivity focus, increased focus on quality along with the scale of alternative models, and the contribution of partnership distribution channels on the back of growth in new strategic partnerships across the counter.
Despite the challenging macroeconomic environment, the company's assets under management (AUM) grew by 18% from Rs 9,374 crore in FY21 to Rs 11,025 crore in FY22.
Underlining the company's commitment towards a customer centric policy, Bharti AXA Life recorded a 39% reduction in customer complaints over the previous year and the company's Net Promoter Score also increased from 23 in the previous financial year to 32 in FY22. Gone, which underlines customer engagement and trust, showing a growth of 39%.
Commenting on the company's annual business performance, Parag Raja, Managing Director and CEO, Bharti AXA Life Insurance, said, “Continuing our growth trajectory, we have registered an impressive 1.5x growth in the financial year, thereby helping finance WNBP has grown by 25% in the year 22.