Mumbai: Bharti AXA Life Insurance, a joint venture between Bharti Group and Paris-based AXA Group, is targeting Rs1,000 crore revenue during this fiscal compared to Rs360 crore in the previous year, a top company official said on Wednesday.
“We plan to increase our revenue by over 2.5 (times) to Rs1,000 crore in this financial year against Rs360 crore in FY 2009. Of the Rs1,000 crore, Rs765 crore will come from new business premium collection and rest will be renewal premium,” Bharti AXA Life Insurance chief executive officer Nitin Chopra told reporters here.
During the last fiscal, the company garnered Rs293 crore as new business premium.
Bharti AXA Life Insurance on Wednesday launched a premium guarantee product-Guarantee Builder.
“The company with a current capital base of Rs850 crore plans to add Rs100 crore during the second quarter,” Chopra said.
“We have a paid-up capital of Rs850 crore and will be infusing Rs100 crore during the coming quarter (Q2) of this fiscal. In the current quarter, we have already infused Rs100 crore,” Chopra said.
“The company is expecting to break-even in 2012-13,” Chopra said.