Max Life Insurance profit Jumps 6% to Rs. 398 crores for the period ended September 2012, also declares interim dividend.
Max Life Insurance, a private sector life insurer, is a joint venture between Max India Limited and Mitsui Sumitomo Insurance Company Limited. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is currently amongst the top 10 general insurers in the world. Max Life Insurance has a strong customer-centric approach focused on advice based sales and quality service. It has also been recognized as a top quartile in performance by Outlook Money.
According to the press release the net profit of Max Life Insurance surged to Rs. 398 crores for the period ended September 2012 vis-à-vis the net profit of Rs. 375 crores for the corresponding period last year. This brings about 6% increase in the net profit of the Company. This increase in profit was backed by firm revenue growth along with effective cost monitoring and sales performance. Even the Assets under Management or AUM and Sum Assured also increase by 30% and 7% respectively as compared to the last year.
However, in spite of overall increase in the profit of the company there has been a marginal increase in the premium amount. The overall premium amount increased by 1% for the said period to Rs. 2,900.88 crore as compared to Rs. 2,872.84 crore during the same period in the previous year. The company has also declared the maiden interim dividend with a cash outflow to the tune of Rs. 115 crores.
Max Life Insurance CEO and Managing Director, Mr. Rajesh Sud expressed his confidence that in spite of trade, industry and regulatory challenges, the Company will achieve the persistent growth through their ‘advice based sales’ concept, vide range of product availability and high claim ratio.
