Private insurer Bharti AXA Life Insurance on Tuesday said it turned profitable by posting maiden profit of Rs 5 crore for the fiscal ended March 31, 2018. This is the first time Bharti AXA Life Insurance reported profits since it started operations in 2006, on the back of better productivity and cost efficiency, the insurer said in a statement. The company, a joint venture between Bharti Enterprises and global insurance major AXA, registered a profit against a loss of Rs 120 crore during 2016-17, it said. Cost efficiency, high renewal premiums, better product mix and productivity and higher persistency helped the company record profits," said Bharti AXA Life Insurance Managing Director Vikas Seth. The total premium grew by 21 per cent to Rs 1,684 crore during 2017-18, as compared to Rs 1,397 crore in the same period a year earlier.

Source: dna June 05, 2018 18:33 UTC