Bharti Axa to double general insurance premium income

Bharti Axa General Insurance Co expects to double premium income to Rs 2.3 billion in the year to March 2010, its top official said.

The firm is a joint venture between India's Bharti Group and France's Axa.

Retail business comprising motor, health, personal accident, home and shop insurance, currently accounts for 60% of the company's premium income, said Kimsoon Chua, chief operating officer, Bharti Axa General Insurance.

The contribution of rural business is around 20-25%, Chua said.

"In the next two years we are planning to grow health premium income to 20% of total premium income, from 5% now," he said.

It also expects founders to bring in additional capital to take its paid-up capital to Rs 6.45 billion in next 5 years to meet expansion targets, Chua said.

The venture, 74% owned by Bharti group and 26% by Axa group, currently has a paid-up equity capital of Rs 2.30 billion, he added.

It is planning to expand in smaller cities to tap the retail market, he said.

The company, currently present in 55 locations, plans to expand its presence to 100 locations by 2009-end and grow its number of agents to 3,000, from 1,700 now, the official added.