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Max Life Records new business premium growth of 14% in 9M FY 2015


Pune (Feb. 05, 2015): Max Life Insurance, India's leading life insurance company, continued its growth journey during the first 9 months of the Financial Year 2014-15. The Company has recorded New Business Premium  of Rs. 1,693 crore,  growth of  14% over the corresponding period last year. The Gross Written Premium of the Company grew 12% to Rs.5,447 crore. During the period Shareholder Profit After Tax stood at an impressive Rs.308 crore.

Max Life Insurance also performed well on other business parameters for 9M FY 2014-15 as compared to corresponding period previous year:

  • Assets Under Management increased by 26% to Rs. 29,262 crore from December 2013
  • Sum Assured in-force (Individual and Group ) at   Rs.2,11,401 crore, recorded an increase of 10%
  • Solvency Ratio of 469%, more than 3 times the mandatory 150%, indicates the Company’s strong and stable financial position

Max Life Insurance’s customer centric approach to business has contributed to this strong financial performance.

  • One of the lowest customer complaints incidence at 0.19 complaints per thousand policies
  • 99.97% of all claims were paid within 10 days of receipt of all documents during first 9 months of FY 2015  amounting to Rs. 173 crore
  • Conservation ratio at 85.4%, continues to be one of the best in the industry

Commenting on the performance of the company, Mr. Rajesh Sud, CEO & Managing Director, Max Life Insurance said, "I am delighted that Max Life Insurance performed well on all parameters.  The company has demonstrated superior all round performance and has maintained its position as one of the largest non bank promoted private life insurance player in India with a stable market share amongst private life insurers.”

“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. Going forward, we are confident of a sustained growth for Max Life Insurance as we continue to differentiate in the market place basis our advice based sales, balanced product portfolio, diversified distribution and superior customer experience through superior claims and complaint management.” he further added. 

 9M FY 2014-15(April 2014 – December 2014) compared with 9M FY 2013-14 (April 2013 – December 2013)


Apr -Dec’14
(Rs. Crs)

Apr -Dec’13
(Rs. Crs)


New Business Premium




Adj. Indv. First Year Premium




Gross Written Premium




Shareholders’ Profit After Tax





As on Dec 31, 2014
(Rs. Crs)

As on Dec 31, 2013
(Rs. Crs)


Sum Assured In force




Asset Under Management




Solvency Ratio %




The Gross Written Premium for 9M FY 2014-15 increased by 12% to Rs 5,447 crore with a 14% increase in new business premium to Rs. 1,693 crore and the renewal premium recording a growth of 12% to Rs. 3,754 crore. The Company’s conservation ratio at 85.4% is testimony to its commitment towards customers. Our 13th month persistency at 78.47% is also amongst the best in the industry.

Cost Management
During the 9 months of the financial year 2014 – 2015 the Company’s cost ratio improved by 160 bps to 27%. The company continues its cost management initiatives.  

Profit After Tax (PAT)
During the 9M FY 2014-15, Max Life Insurance, recorded a shareholders Net Profit After Tax of Rs.308 crore, compared to Rs. 326 crore in 9M FY 2013 - 14.
This decline in shareholders’ profit is in line with the company’s overall strategy of optimizing its product mix.

Solvency Ratio & Capital
The solvency ratio of the company stood at469% as on 31st December 2014 as compared to 531% on December 31st 2013. Max Life Insurance maintained more than 3 times the mandatory solvency margin of 150%.
The Company’s paid up capital (including Security Premium & Capital Reserve) as on December 31st 2014 at Rs. 2,013 crore.

Sum Assured and Assets Under Management
The total sum assured increased to Rs. 2,11,401 crore recording a growth of 10%.
The total Asset Under Management increased to Rs. 29,262 crore recording a growth of 26%. This increase in Assets Under Management is an outcome of the Company’s enhanced focus protection orientation.

Service Parameters
Max Life Insurance has taken several initiatives to enhance its focus on customer centricity. Max Life has now one of the lowest customer complaints incidence rate. Our customer complaints incidence rate stands at 0.19 as on December 2014 which is an improvement of 4% over the corresponding period in the previous year. At Max Life Insurance 99.98% of the customer complaints are resolved within the specified time of 14 days.
The Company is tracking well on its promises of claims guarantee to its policyholders. ~100% of death claims received on policies more than 3 year old have been paid and 99.97% of all death claims were paid within 10 days of receipt of relevant documents. Our efforts to further enhance the efficiency of our claims management process has resulted in Outstanding Claims Ratio coming down to 1.89 % .