Max Life Insurance has progressed well on all business parameters in the Financial Year 2016-17 and has further strengthened its position due to its continued focus on building a successful life insurance business to deliver the core value of long-term savings and protection.
- Gross Written Premium of the Company grew 17% to Rs. 10,780 crores.
- Shareholders Profit After Tax at Rs. 660 crore.
- Assets Under Management increased by 24% to Rs. 44,370 crores.
- Solvency Ratio of 309%, more than 2.06 times the mandatory 150% indicates the Company’s strong and stable financial position.
- Conservation ratio at 88.6% and 13th month persistency at 80.4%.
- Policyholder Bonus of Rs. 854 crores.
- Sum Assured in force at Rs. 3,77,572 crore, recorded an increase of 39% over the previous financial year.
- Cost to Net Premium ratio is at 24.60% in FY 2016-17.
- In FY2016-17 our grievance incidence rate was 172 per 10000 policies.
- 99.71% of all death claims were paid within 10 working days of receipt of all documents during FY 2017.
- The company introduced Insta claim feature in September 2016, since its introduction 95% of death claims received were approved within 24 hours.
Max Life Insurance continues to differentiate itself in the market place based on its advice based sales, diversified distribution architecture and comprehensive product portfolio which has helped it achieve a profitable growth.
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