Bharti AXA Insurance Acquires a Profit of 3 Million in H1 FY2019
Updated On Jun 18, 2019
Bharti AXA General Insurance has secured 3 million net profit for the half year of FY19, which ended on 30th September 2018. It is being viewed as a massive success, as the company was facing a loss of around Rs 593 million in the same period during the previous financial year. In H1 FY2019, the firm has gained the net profit for the first time since its inception in 2008.
Under this profit generation, an increase is observed in Gross Written Premiums by approximately 38%, which accumulates to Rs. 10.87 billion in H1 FY2019 as compared to Rs. 7.88 billion in H1 FY2018. In addition to this, the organization’s combined ratio, which counts the profitability by taking claims and expenses into account as a proportion of premiums, enhanced by 15% points to 116.5% in the H1 FY19 from 131.6% in H1 FY18.
The Managing Director and Chief Executive Officer of Bharti AXA General Insurance, Mr. Sanjeev Srinivasan said, “We are pleased to be on the path to profitability, and this has been an outcome of
