Money & Banking

Max Life records 11% growth in new biz premium in H1

PTI New Delhi | Updated on October 28, 2013 Published on October 28, 2013

Max Life Insurance today posted 11 per cent growth in new business premium at Rs 904 crore for the first half ended September, 2013—14.

The gross written premium of the company grew 4 per cent to Rs 3,005 crore during the period. The company’s market share increased to 10.4 per cent.

The profit before the tax grew marginally by 2 per cent to Rs 248 crore.

In view of a strong all round performance during the first half of 2013—14 fiscal, it declared a net interim dividend of Rs 128 crore, 29 per cent upward revision from interim dividend announced in the previous year, Max Life Insurance Managing Director Rajesh Sud said.

The company, a joint venture between Max India and Mitsui Sumitomo Insurance Co of Japan, maintained its’ paid up capital (including share premium) at Rs 2,127 crore at the end of September 30.

Assets Under Management increased by 13 per cent to Rs 21,735 crore at the end of September 2013, as compared to Rs 19,184 crore.

Max Life Insurance’s solvency ratio stood at 521 per cent as at September 30, more than 3 times the minimum regulatory mandated ratio of 150 per cent.

Commenting on the performance of the company, Sud said “We have responded well to economic challenges and have outperformed both the industry and private players.”

Published on October 28, 2013
This article is closed for comments.
Please Email the Editor