Mumbai, Jan 12 (PTI) Private insurer Bharti AXA GeneralInsurance today said it is looking at 60 per cent growth thisyear by providing innovative solutions and focusing on motorand health verticals.
"We have reached Rs 500 crore in total premium collectionin our second full year of operations and aim a growth of 60per cent in this calender year," Bharti AXA General InsuranceCEO Amarnath Ananthanarayanan told reporters here.
The private insurer, which is looking to break even by2012, has already infused over Rs 460 crore and is planning toput in another Rs 100 crore by this December, he added.
Motor insurance vertical contributed 70 per cent to theoverall business, while health and PA (personal accident) 17per cent and commercial lines 12 per cent.
Ananthanarayanan said the company has 10 new productslined up in the health vertical, while in the motor segment itis planning 10 add-ons depending on the regulatory approvals.
"We will focus on growing retail health with 10 new add-ons to be introduced in 2011 (subject regulatory approval) and20 new micro finance institutions (MFIs) tie-ups forcustomised solutions," he said.
While in the motor vertical, four new products are linedup this year awaiting regulatory approval and the focus willbe on affinity tie-ups.
The company will focus on tier II and rural segments andin increasing commercial vehicles portfolio, he added. (MORE)PTI SMVKV
In terms of zonal contributions, western region leads with 35 per cent followed by north with 33 per cent, southwith 25 per cent and east by 7 per cent, Ananthanarayanansaid.
"We want to focus more on south and east which hastremendous potential, both in the health and the commercialvehicles segments, he said.
In 2011, Bharti AXA General Insurance will add on another19 offices taking it to a total of 73 establishments and isalso looking at increasing the head count by 30 per cent fromthe present over 1,300 employees, he said.
Bharti AXA General Insurance is a joint venture betweenBharti Enterprises (74 per cent) and AXA (26 per cent).