Max Life Insurance Co.one of the leading Indian life insurance company, recorded New Business Premium of Rs 1,361 crore, growth of 23% in H1 FY’17. During this period the Gross Written Premium of the company grew by 14% to Rs 4,218 crore, while the renewal premium recorded growth of 11% to 2,857 crore. The Company recorded shareholder profit (Pre Tax) of Rs 344 crore, growth of 32% in H1 FY’17.
The Board of Directors of Max Life Insurance Co. Ltd. approved an interim gross dividend of Rs 169 crore.
Max Life Insurance Co. Ltd. performed well on other key business parameters for H1 FY’17:
> Individual Adjusted Premium at Rs 936 crore, recorded growth of 18% while retaining private market share at 9%.
> Solvency Ratio of 343% (327% post-interim dividend), more than double of the regulatory requirement of 150%, indicating the Company’s strong and stable financial position.
> The company recorded 13th Month persistency of 81% (PY at 77%).
> The company recorded 61st Month persistency of 51% (PY at 35%).
> Conservation ratio of 87%, up by 270 bps which is one of the best in the industry.
> One of the lowest customer complaints incidence at 0.11 complaints per thousand policies.
> 99.61% of all paid claims were settled within 10 days of receipt of all documents.
Commenting on the performance of the company, Mr. Rajesh Sud, Executive Vice Chairman & Managing Director, Max Life Insurance Co. Ltd. said, ''I am delighted with the strong financial performance of the company during H1 FY'17. All round improvement in performance on key business parameters has resulted in superior customer and shareholder outcomes. During H1 FY’17, we continued to improve our customer service standards and process orientation. This has resulted in superior performance on health parameters like persistency, conservation ratio, claims and customer service.''
Key Business Drivers | Unit | Year Ended | Y-o-Y Growth |
Sepr'15 | Sep'16 |
a) Individual Adjusted Premium | Rs. Crore | 792 | 936 | 18% |
b) Gross Written Premium Income | Rs. Crore | 3,689 | 4,218 | 14% |
First Year Premium | | 787 | 932 | 18% |
Renewal Premium | | 2,584 | 2,857 | 11% |
Single Premium | | 318 | 429 | 35% |
c) Shareholder Profit (Pre Tax) | Rs. Crore | 261 | 344 | 32% |
d) Share Capital | Rs. Crore | 1,919 | 1,919 | - |
e) Conservation Ratio | % | 84% | 87% | 270 bps |
f) Number of Agents (Agency) | No. | 41,530 | 50,055 | 21% |
g) Case Size | Rs. | 48,666 | 38,815 | 25% |
h) Individual Policies in Force | No. Lacs | 36.7 | 37.4 | 2% |
i) Sum Insured in Force | Rs. Crore | 2,65,130 | 3,52,756 | 33% |