AU Small Finance Bank (SFB) has announced a strategic partnership with Bharti AXA Life Insurance, a subsidiary of Bharti Life Ventures, to provide comprehensive life insurance and financial security solutions to its customers. This collaboration aims to expand AU SFB’s product portfolio, offering a diverse range of insurance options tailored to the needs of its extensive customer base of over one crore.
Comprehensive Solutions for Diverse Needs
AU SFB customers will now have access to Bharti AXA’s wide array of insurance products, including:
- Life Insurance and Term Plans
- ULIPs (Unit-Linked Insurance Plans)
- Savings and Child Education Plans
- Retirement Plans
This partnership is a key step towards creating a holistic ecosystem, offering personalized support and streamlined services for a wide range of financial needs.
Strategic Expansion in Southern India
As part of its broader strategic vision, AU SFB is leveraging Bharti AXA Life’s expertise to enhance its offerings, particularly in Southern India. This move aligns with AU SFB’s mission to evolve its bancassurance portfolio with cutting-edge, technology-driven insurance solutions.
AU SFB recently applied for a universal banking license with the Reserve Bank of India (RBI), underscoring its ambition to become a preferred financial partner by integrating banking and insurance services seamlessly.
Leadership Insights
- Uttam Tibrewal, Executive Director and Deputy CEO of AU SFB, commented:
“At AU SFB, our customers remain at the core of everything we do. This partnership with Bharti AXA Life Insurance enables us to offer innovative life insurance products that empower our customers to protect their loved ones and secure their financial futures. It also aligns with our ethos of ‘Banking Bhi, Bima Bhi.’”
- Parag Raja, MD & CEO of Bharti AXA Life Insurance, highlighted:
“This partnership with AU SFB combines our expertise in simplifying insurance with their legacy of serving the unreached and unbanked. Together, we aim to contribute to increased insurance penetration and advance IRDAI’s vision of ‘Insurance for All by 2047.’”
Financial Performance Highlights
AU SFB’s robust financial growth reinforces its strategic initiatives:
- Net Profit: Increased by 42.15% to ₹571.21 crore in Q2 FY25 compared to ₹401.83 crore in Q2 FY24.
- Net Interest Income (NII): Rose by 58.05% YoY to ₹1,974 crore in Q2 FY25.
Driving Towards IRDAI’s Vision
The partnership aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) mission to achieve insurance penetration across India by 2047. With AU SFB’s extensive network and Bharti AXA Life’s expertise, the alliance aims to create a comprehensive financial experience for customers, empowering them to make informed decisions for their financial security.
Conclusion
The partnership between AU Small Finance Bank and Bharti AXA Life Insurance represents a significant milestone in enhancing the accessibility and diversity of financial products. It reflects both organizations’ commitment to innovation, customer-centricity, and contributing to the broader goal of financial inclusion and insurance penetration in India.
