The Hindu Business Line : Max India doubles revenue

Max India has announced a doubling of its unaudited consolidated revenue at Rs 845 crore for the second quarter ended September 30, compared to the corresponding quarter the previous year. Operating cash profit more than doubled also, to Rs 227 crore for the quarter. The company which booked losses described the results as "a gratifying, strong all-round performance" for the long gestation business of insurance.

"We ourselves were surprised with the growth figure which is ahead of all life insurance company expectations. The private sector itself is growing rapidly benefiting from the fundamental good growth of the economy, infrastructure and financial services sector, and we are riding that boom," Mr B. Anantharaman, Joint Managing Director of Max India, told said.

"The growth was also fuelled by the stock markets, with unit-linked insurance policies being the flavour of the moment," he added. The company claims it sold 1.6 lakh policies during the quarter. Sum assured in force as at September 30, was around Rs 54,300 crore, has grown 62 per cent year-on-year.

Shareholders invested Rs 75 crore as fresh capital during the quarter, taking the total capitalisation of the business to Rs 807 crore. Max will be taking that figure to Rs 2,600 crore in stages by 2011, said Mr Anantharaman. - Our Bureau