 "Max Life posts 11% growth in new business premium in H1")
Private sector Max Life Insurance today posted 11% 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% to Rs 3,005 crore during the period. At the same time, the company's market share increased to 10.4% and maintained its rank as fourth largest private life insurer.
The profit before the tax grew marginally by 2% 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 shareholder Dividend of Rs 128 crore, 29% upward revision from interim dividend announced in the previous year, Max Life Insurance managing director Rajesh Sud said.
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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% to Rs 21,735 crore at the end of September 2013, as compared to Rs 19,184 crore.
Max Life Insurances solvency ratio stood at 521% as at September 30, more than 3 times the minimum regulatory mandated ratio of 150%.
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."
He said the company has demonstrated superior all round performance and has maintained its position as the largest non bank promoted private life insurance player in India with an increase in market share amongst private life insurers.
To retain the company's leadership position, in the second half of the year we will roll out several new and innovative initiatives, he added.