Max Life Insurance, one of the fastest growing Indian life insurance company, today announced it Annual Results for the Financial Year ended March 31st 2014.
The company continued its profitable growth journey during the Financial Year 2013-14 and has outperformed the private industry to record New Business Premium of Rs. 2,262 crore, growth of 19% over the corresponding period last year.
Max Life Insurance further increased its market share to 10.3%, an increase of 180 bps, amongst private life insurers and maintained its rank as the largest non bank owned life insurer. The Gross Written Premium of the Company grew 10% to Rs.7,279 crore. During the period Shareholder Profit After Tax grew 3% to Rs. 436 crore.
Max Life Insurance also performed well on other business parameters for FY 2013-14 as compared to corresponding period in the previous year:
Assets Under Management increased by 21% to Rs.24,716 crore from March 2013
Sum Assured in-force (Individual and Group) at Rs.1,99,660 crore, recorded an increase of 18%
Solvency Ratio of 485%, more than 3 times the mandatory 150%, indicates the Companyâ€™s strong and stable financial position
Cost to Gross Premium ratio improved 144 bps to 27.1% (PY: 28.5%) and Opex to Gross Premium ratio was better 157 bps at 17.7% % (PY: 19.2%)
Max Life Insuranceâ€™s customer centric approach to business has contributed to this strong financial performance.
One of the lowest customer complaints incidence at 0.24 complaints per thousand policies
99.95% of all claims were settled within 10 days of receipt of all documents during FY 2014. The total amount paid out as claims in the year stood at Rs. 228 crore
Conservation ratio at 82%, continues to be one of the best in the industry
Commenting on the performance of the company, Rajesh Sud, CEO & Managing Director, Max Life Insurance said, "I am delighted that Max Life Insurance performed well on all parameters while coping with the changing business and regulatory environment. In fact, Max Life is the only company to witness uninterrupted growth in the past 20 months. All distribution channels recorded growth in new business premium during the year, including the core channel of agency distribution which also witnessed growth in productivity and performed ahead of plan.
The Company did a splendid job of restructuring its entire product portfolio within a short time frame and had the highest number of approved products by January 2014. With this new product portfolio, Max Lifeâ€™s growth in new business premium by 21% in the last quarter of the financial year as against an industry wide decline of 20% is noteworthy.â€ť
â€śWe have demonstrated superior all round performance and have been able to gain 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 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.â€ť he further added.
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