Max New York Life Insurance, India’s largest non bank owned life insurance company today announced its unaudited 9 months results for the Financial Year 2011 -12. The company recorded 8% growth in gross revenue to Rs. 4,470 crore while the profit increased 18 times to Rs. 572 crore. The Company also performed well on other parameters like sum assured which increased by 2% and asset under management recording a growth of 18% to Rs. 15,357 crore over the same period in FY 2010 while solvency margin increased to 539 %.
Commenting on the performance of the company, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance said "I am happy to share with you our performance for the 9 months (April – December 2011) of the financial year. Though the market continues to remain challenging, we have responded extremely well and demonstrated superior all round performance making us the largest non bank promoted life insurance player in India. This has been made possible due to our continued focus on building a successful life insurance business to deliver the core value of long-term savings and protection in a Life Insurance contract.”
“We are confident of a sustained profitable growth for Max New York Life as we continue to differentiate in the market place basis our advice based sales, balanced product portfolio, multi-channel distribution and superior customer experience through superior claims and complaint management. Max New York Life has now one of the lowest customer complaints incidence ratio. Our customer complaints incidence ratio was just 0.28 per thousand as on 31st December 2011. At Max New York Life 100% of the customer complaints are resolved within the specified time of 15 days. Our Outstanding Claims Ratio has come down to 3.51% as on 31st December 2011.” he further added
9M 2011-12 (April 2011 – December 2011) compared with 9M FY 2010-11 (April 2010 – December 2010)
Revenue
The Total Revenue for 9M FY 2011-12 increased by 8% to Rs.4,470 crore with new business premium declining 13% to Rs.1,282 crore and the renewal premium recording a growth of 20% to Rs.3,188 crore.
More From This Section
The Company’s conservation ratio which is amongst the highest at 81% is testimony to its commitment towards customers. Our 13th month persistency at 74% is amongst the best in the industry.
Cost Management
During the financial year 2010 – 2011 the company undertook cost management initiatives which had its long-term impact. The cost ratio improved 10 percentage points as compared to December 2010 to 31 % in December 2011.
Net Profit
During the 9M FY 2011-12, Max New York Life Insurance, recorded the Net Profit of Rs.572 crore, compared to Rs. 32 crore in 9M FY 2010 - 11. This impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency.
Solvency Margin & Capital
The solvency margin of the company stood at 539% for 9M FY 2012 as compared to 306% for the corresponding period previous year. Max New York Life maintained more than 3 times solvency margin as compared to the margin of 150% mandated by IRDA.
The Company’s paid up capital (including share premium) as on December 31st 2011 was at Rs. 2,126 crore.
Sum Assured and Assets Under Management
The total sum assured increased to Rs. 149,373 crore recording a growth of 2%. This increase in sum assured is an outcome of the company’s enhanced focus on long-term savings and protection.
The Assets Under Management have grown by 18% to Rs. 15,357 crore over the last year.
