Private life insurer Max Life Insurance today reported 3.5 per cent growth in profit after tax at Rs 326 crore during the first nine months of 2013-14.
The company's PAT stood at Rs 315 crore in the corresponding period of last year, the private insurer said in a release issued here.
Max Life Insurance's gross written premium went up 6 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 of last year.
"Inspite 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", Max Life Insurance CEO and Managing Director Rajesh Sud said.
The company has outperformed both the industry and private players by attaining a growth rate of 15 per cent in the new business premium, he said.
"We have also launched 20 re-structured products in January 2014 as part of regulatory compliance to make the policies more customer-friendly.
"Going forward, we are confident of a sustained profitable growth on the back of advic- based sales, balanced product portfolio, multi-channel distribution and superior customer experience through superior claims and complaint management," Sud said.
The company's solvency ratio was at 530 per cent, more than three times the mandatory 150 per cent, indicating the company's strong and stable financial position.
Max Life Insurance's conservation ratio was at 82.3 per cent.
The company has maintained its paid up capital (including share premium) as on December 31, 2013, at Rs 2,127 crore.
Max Life Insurance is a joint venture between Max India and Mitsui Sumitomo Insurance Co, a member of MS&AD Insurance Group that is amongst the top general insurers in the world.
