Bharti AXA Life's total premium income inch up 4.3% in FY2021

Renewal premiums jumped 10% in 2020 to 2021, but COVID-19 hit new business premium income.

India’s Bharti AXA Life saw its total premium income inch up 4.3% to INR2,281 crore in FY 2021, according to media reports.

Renewal premiums jumped 10% in 2020 to 2021, but the second wave of COVID-19 negatively affected new business premium income, which dropped to INR783 crore in FY2021. Annualised new business premium was INR582 crore in the same period.

The life insurer posted a 36% jump in asset under management (AUM) to INR9,374 crore from INR6,902 crore in FY2020.

Bharti AXA Life is planning to expand its distribution footprint across the country by engaging with different distribution channels, it said, through adopting new technologies and seven new digital platforms.

It also launched 10 new products and connected with 25 new partners in FY2021, reports say.