Bharti AXA General Insurance company is targeting a 70 per cent growth in premium collections during the current financial year.
"We are just a year-and-a-half-old company. In 2009-10, our premium income stood at Rs 300 crore and this year are aiming for a 70 per cent growth," Amarnath Ananthanarayanan, chief executive officer, Bharti AXA, told mediapersons.
To achieve this, the company is looking at tapping the rural segment. "Of our total business, only 8 per cent is generated through the rural segment. The company is aiming to increase it to 20 per cent during this fiscal," he said.
This apart, it is planning to expand its network in Tier II, III and 1V cities.
Amarnath said the company would strengthen its operations in the southern market by expanding its base, particularly in Andhra Pradesh at Nellore, Ongole, Kadapa and Eluru this fiscal. This would bring in Rs 60 crore premium from the state during this financial year.