FB Twitter LinkedIn YouTube Google+
 
 
New Customers
Buy Now

News

 
 

Max Life Insurance records 23% increase in new business premium in H1 FY'17 - 15/11/2016

Highlights of all-round performance in H1 FY’17
New Business Premium up by 23% to Rs 1,361 crore
As on 30th September 2016 – Assets Under Management up by 21% to Rs 39,647 crore
Sum Assured up by 33% to Rs 3,52,756 crore

New Delhi, November 14, 2016: Max Life Insurance Co. Ltd. one of the leading Indian life insurance company, recorded New Business Premium of Rs 1,361 crore, growth of 23% in H1 FY’17. During this period the Gross Written Premium of the company grew by 14% to Rs 4,218 crore, while the renewal premium recorded growth of 11% to 2,857 crore. The Company recorded shareholder profit (Pre Tax) of Rs 344 crore, growth of 32% in H1 FY’17.  
The Board of Directors of Max Life Insurance Co. Ltd. approved an interim gross dividend of Rs 169 crore.
Max Life Insurance Co. Ltd. performed well on other key business parameters for H1 FY’17:

  • Individual Adjusted Premium at Rs 936 crore, recorded growth of 18% while retaining private market share at 9%.
  • Solvency Ratio of 343% (327% post-interim dividend), more than double of the regulatory requirement of 150%, indicating the Company’s strong and stable financial position.
  • The company recorded 13th Month persistency of 81% (PY at 77%).
  • The company recorded 61st Month persistency of 51% (PY at 35%).
  • Conservation ratio of 87%, up by 270 bps which is one of the best in the industry.
  • One of the lowest customer complaints incidence at ­­­0.11 complaints per thousand policies.
  • 99.61% of all paid claims were settled within 10 days of receipt of all documents.

 

Commenting on the performance of the company, Mr. Rajesh Sud, Executive Vice Chairman & Managing Director, Max Life Insurance Co. Ltd. said, "I am delighted with the strong financial performance of the company during H1 FY’17. All round improvement in performance on key business parameters has resulted in superior customer and shareholder outcomes. During H1 FY’17, we continued to improve our customer service standards and process orientation. This has resulted in superior performance on health parameters like persistency, conservation ratio, claims and customer service.”

About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)
Max Life Insurance, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 16 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

For more information, please contact
Abhinav Rahul
Mob: +919810279666 / Email: abhinav.rahul@maxlifeinsurance.com

did you know

First company to embark on a Treat Customers Fairly (TCF) initiative to ensure that the whole organisation delivers on the promise made to customers.

 
 
 

Get in touch