Private sector Bharti AXA Life Insurance on Monday reported 17 per cent growth in renewal premium to Rs 1,359 core for the year ended March 31, as against Rs 1,164 crore in the previous fiscal.

The total premium income grew 5 per cent to Rs 2,187 crore in 2019-20 from Rs 2,076 crore in the previous fiscal, Bharti AXA Life Insurance said in a statement.

However, the new business premium income declined to Rs 829 crore as compared to Rs 911 crore in the previous fiscal.

"Our new business premiums contracted mainly due to a shortfall in March, an important month for new business in the industry, which was triggered by the COVID-19 lockdown and social distancing," Bharti AXA Life Insurance Managing Director Parag Raja said.

Asset under management rose by 21 per cent to Rs 6,902 crore from Rs 5,699 crore as on March 31, 2019.

"We registered steady performance on many business parameters in 2019-20, despite the disruption caused by the pandemic and the subsequent lockdown in the crucial month of March, which adversely affected the insurance industry. The healthy renewal premium collections and an increase in the total premium income led our growth," Raja said.

The company continued to expand its operation and distribution footprint across India in the last financial year in terms of recruitment of fresh advisors and setting up of new branches, with a view to creating a large pool of productive agents, it said.

The company has set up 25 new branches to take an enhanced distribution network of 261 branches across the country during 2019-20, up from 236 branches in 2018-19, it added.

Bharti AXA Life Insurance added 3,934 new advisors to strengthen its net agent force to 43,316 in the financial year ended March 31, 2020, from 39,382 advisors in 2018-19.

"Protection continues to be a cardinal part of our differentiated product mix as it brings real insurance products to the customers and builds a safety net for their families. The prevailing situation has made us to re-imagine the entire sales process from face-to-face meetings to remotely approaching the customers and closing the transaction," Raja added.