Private insurer Max New York Life Insurance today reported a twelve-fold jump in net profit to Rs 283 crore for the 2010-11 fiscal, up from Rs 24 crore in the year-ago period.
"In spite of significant challenges in the market, we responded extremely well and demonstrated superior all-round performance... While Max New York Life recorded 20% growth in gross revenue, profit increased 12 times," Max New York Life CEO and Managing Director Rajesh Sud said in a release.
"We also performed well on other parameters like sum assured increasing 26% and assets under management crossing the Rs 13,800 crore mark, recording a growth of 37%," he added.
In addition, the company's total revenue for FY11 grew almost 20% to Rs 5,812 crore, with new business premium collections increasing 11% to Rs 2,061 crore and renewal premium recording a growth of 25% to Rs 3,751 crore.
Max New York Life Insurance is a joint venture between Max India and New York Life International, the international arm of New York Life, a Fortune 100 company.