Also decided to increase the number of agents from 1,500 to 2,000
Bharti Axa General Insurance is planning for INR6.45 billion capital infusion in the next five years. The company also seeks to broaden its network and to add 500 agents during the current year – reported Business Standard.
Amarnath Ananthanarayanan, chief executive officer of Bharti Axa, said: “The current capital base is around INR230 crore, including INR40 crore infused last month. Over the next five years, the company’s promoters will infuse around INR645 crore.”
The company has also decided to increase the number of agents to 2,000, from the current 1,500.
Balaji C, vice president of property and engineering at Bharti Axa, stated that the company already has a Smart Health Individual policy and a Smart Health Critical Illness policy. The company has also filed more products with the regulator, including SmartHealth essential.
Bharti AXA General is a joint venture between Bharti Enterprises, an Indian business group and AXA Group. Bharti has a 74% stake in this JV and 26% is with AXA. Currently, it has over 40 branch offices across the country, and plans to expand to 70 branches by the end of 2009.
From August 2008 to March 2009, the company has generated premium of INR32.3 crore and from March 2009 till now, another INR100 crore premium was collected, claims the company, quoted the newspaper.