Max Life records New Business Premium Growth of 14pc
(3 years ago)
New Delhi, Feb 5 : Max Life Insurance, a life insurance company, continued its growth journey during the first 9 months of the Financial Year 2014-15.
The company has recorded New Business Premium of Rs. 1,693 crore, growth of 14pc over the corresponding period last year.
The Gross Written Premium of the Company grew 12pc to Rs.5,447 crore. During the period Shareholder Profit After Tax stood at an impressive Rs.308 crore.
Max Life Insurance also performed well on other business parameters for 9M FY 2014-15 as compared to corresponding period previous year.
Assets Under Management increased by 26pc to Rs. 29,262 crore from December 2013, the company said in a statement.
It recorded a Sum Assured in-force (Individual and Group ) at Rs.2,11,401 crore, recorded an increase of 10pc .
Solvency Ratio of 469pc , more than 3 times the mandatory 150pc , indicated the company's strong and stable financial position.
Commenting on the performance of the company, Rajesh Sud, CEO and Managing Director, Max Life Insurance said, "I am delighted that Max Life Insurance performed well on all parameters. The company has demonstrated superior all round performance and has maintained its position as one of the largest non bank promoted private life insurance player in India with a stable market share amongst private life insurers."
"This has been made possible due to our continued focus on building a successful life insurance business to deliver the core value of long-term savings and protection in a Life Insurance contract. Going forward, we are confident of a sustained growth for Max Life Insurance as we continue to differentiate in the market place basis our advice based sales, balanced product portfolio, diversified distribution and superior customer experience through superior claims and complaint management," he further added.