Announces its Embedded Value* at Rs. 6,590cr with ROEV of 26.3%
To distribute Policyholders Bonus of Rs. 854cr
Highlights of all-round performanceinFY17
New Business Premium up by 27% to Rs3,666 crore
As on 31st March 2017 – Assets Under Management up by 24% to Rs44,370 crore
Sum Assured up by 39% to Rs3,77,572 crore
New Delhi, June 1, 2017: Max Life InsuranceCo. Ltd,one of the leading Indian life insurance company, recorded First Year Premium (Individual + Group) of Rs3,666crore achieving growth of27% in the Financial Year 2016-17 (FY17). During this period the Gross Written Premium of the company grew by 17% to Rs10,780 crore, while the renewal premium recorded growth of 12% to 7,114crore. The Company recorded shareholder profit (Post Tax) of Rs660 crore, growth of 50%in FY17.
Max Life Insurance Co. Ltd. performed well on other key business parameters for FY17:
- Adjusted Individual First Year Premium at Rs. 2,638crore, recorded growth of 25% while retaining private market share at 9.2%.
- Solvency Ratio of 309%, more than doubleof the regulatory requirement of 150%, indicating the Company’s strong and stable financial position.
- The company recorded 13th Month persistency of 80.4% recording an improvement of 160 bps over the previous year. 61st Month persistency improved 10 percentage points to 53%.
- Conservation ratio was at88.6% ascompared to 85.9% in the previous year
- Claims paid ratio grewto 97.59% in FY17 from 96.95% in FY16
- As on 31st March 2017, no customer complaint was pending for resolution
Commenting on the performance of the company, Mr. Rajesh Sud, Executive Vice Chairman & Managing Director, Max Life InsuranceCo. Ltd.said, “In a year which witnessed significant economic, regulatory and corporate changes, I am delighted to report strong financial performance of the companyinFY17. The performance assumes greater significance as we witnessed significant improvement not only on growth parameters but also on health parameters. During FY17, we continued to improve our customer service standardswhich are visible in a substantial improvement in customer retention. To set new benchmarks in claims management, Max Life Insurance launched InstaClaim, a first of its kind initiative to approve death claims within a day of receiving all the requisite documents.”