Max Life Insurance, India's leading life insurance company, continued its profitable growth journey during the first half of the Financial Year 2013-14. The Company has outperformed the industry to record New Business Premium of Rs. 904 crore, growth of 11% over the corresponding period last year. Max Life Insurance further increased its market share* to 10.4%, an increase of 92 bps, amongst private life insurers and maintained its rank as 4th largest private life insurer. The Gross Written Premium of the Company grew 4% to Rs.3,005 crore.
During the period the Pre Tax Shareholder Profit grew 2% to Rs.248 crore. In view of a strong all round performance during H1 FY 2013-14, the Company declared a net interim Shareholder Dividend of Rs.128 crore, a 29% upward revision from interim dividend announced in the previous year.
Max Life Insurance also performed well on other business parameters for H1 FY 2013-14 as compared to corresponding period previous year:
Assets Under Management increased by 13% to Rs. 21,735 crore from September 2013
Sum Assured in-force (Individual and Group ) at Rs.186,841 crore, recorded an increase of 18%
Solvency Ratio of 521%, more than 3 times the mandatory 150%, indicates the Companyâ€™s strong and stable financial position
Max Life Insuranceâ€™s customer centric approach to business has contributed to this strong financial performance.
One of the lowest customer complaints incidence at 0.22 complaints per thousand policies
91.67% of all claims were paid during first half of FY 2014 amounting to Rs. 92.49 crore; only 3.97% claims pending decision
Conservation ratio at 80.5 %, continues to be one of the best in the industry
Commenting on the performance of the company, Mr. Rajesh Sud, CEO & Managing Director, Max Life Insurance said "I am happy with our performance in the first half of the financial year. We have responded well to economic challenges and have outperformed both the industry and private players. The company has demonstrated superior all round performance and has maintained its position as the largest non bank promoted private life insurance player in India with an increase in market share amongst private life insurers. This has been made possible due to our continued focus on building a customer-centric life insurance business to deliver the core value of long-term savings and protection.â€ť
â€śWe are confident of a sustained profitable growth for Max Life Insurance as we continue to differentiate in the market place basis our advice based sales, balanced product portfolio, multi-channel distribution and superior customer experience through superior claims and complaint management. To retain the companyâ€™s leadership position, in the second half of the year we will roll out several new and innovative initiativesâ€ť he further added.
Max Life Insurance has taken several initiatives to enhance its focus on customer centricity. The Company has one of the lowest customer complaints incidence rate at 0.22 complaints per thousand for the first half in the financial year 2013-14. During H1 FY 2013-14, Max Life Insurance resolved 100% of the customer complaints within the specified time of 14 days.
The Company is tracking well on its promises of claims guarantee to its policyholders. 100% of death claims received on policies more than 3 year old have been paid and 99.95% of all death claims were paid within 10 days of receipt of relevant documents. Efforts to further enhance the efficiency of our claims management process has resulted in Claims Payment Ratio of 91.67% during the first half of the financial year and only 3.97% claims were pending decision.
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