Max Life posts PAT at Rs 326 crore for April-December

Max Life Insurance on Wednesday reported a 3.5 per cent growth in profit after tax (PAT) at Rs 326 crore for the first nine months of 2013-14. The PAT stood at Rs 315 crore in the corresponding period of last year, the private insurer said.

The gross written premium went up six per cent to Rs 4,846 crore, compared to Rs 4,560 crore in the same period last year. The company's new business premium rose 15 per cent to Rs 1,480 crore compared to Rs 1,284 crore in the same period last year.

"In spite of the challenging regulatory and market conditions, we have responded extremely well and demonstrated superior all-round performance and have been able to remain steady as the largest non-bank promoted life insurance player in India,"

CEO and Managing Director Rajesh Sud said.

The company has outperformed both the sectoral average and other private players by attaining a growth rate of 15 per cent in new business premium, he said.