Bharti Axa Life settles Rs 106 crore as Covid-related claims

Life insurer Bharti Axa Life Insurance Company Ltd on Monday said it had paid Rs 106 crore in Covid-19 related claims during the first half of FY22.

The company also said it had earned a total premium of Rs 1,023.88 crore during the same period up from Rs 912.39 crore earned during the previous year corresponding period.

According to Bharti Axa Life, its 13th month persistency ratio (policy continuity) has improved to 64.4 per cent during the period under review, up from 60.7 per cent the previous year corresponding period.

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The company’s solvency ratio stood at 188 per cent on September 30, 2021, well above the regulatory requirement of 150 per cent.

The company’s assets under management at Rs 10,256 crore as on September 30, 2021 against Rs 7,987 crore in the corresponding period of the last fiscal.

According to Parag Raja, Managing Director and Chief Executive Officer, the improvement in the Covid-19 pandemic situation since August 2021, buoyant consumer sentiment towards the need for life insurance and investments in digital platforms gives the confidence to grow the business in the coming months.