New Delhi, Delhi, India, Wednesday, February 13, 2013 -- (Business Wire India) Max Life Insurance, India's leading life insurance company today announced its 9 months results for the Financial Year 2012 -13. The Company continued its profitable growth journey and recorded a Profit before Tax of Rs.657 crore, up 15%, while the total revenue recorded an increase of 2% to Rs. 4,560 crore. The Company also performed well on other parameters like Assets Under Management that increased by 31% to Rs. 20,080 crore over the corresponding period last year and Sum Assured that touched Rs. 1,64,293 crore, recording an increase of 10%. The Company has a solvency margin of 551%, which clearly indicates its strong and stable financial position. Commenting on the performance of the company, Mr. Rajesh Sud, CEO & Managing Director, Max Life Insurance said, "I am happy to share with you our performance for the 9 months (April – December 2012) of the financial year. Though the market continues to remain challenging and uncertain, 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. 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 Life Insurance 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.” he further added 9M FY 2012-13(April 2012 – December 2012) compared with 9M FY 2011-12 (April 2011 – December 2011) Revenue The Total Revenue for 9M FY 2012-13 increased by 2% to Rs.4,560 crore with a marginal decline in new business premium to Rs.1,022 crore and the renewal premium recording a growth of 3% to Rs.3,276 crore. The Company's conservation ratio at 78% is testimony to its commitment towards customers. Our 13th month persistency at 78% is also amongst the best in the industry. Cost Management During the financial year 2012 – 2013 the Company continues its cost management initiatives. As a result of which the company improved its cost ratio by 1 percentage point to 30% in December 2012 as compared to December 2011. Profit Before Tax (PBT) During the 9M FY 2012-13, Max Life Insurance, recorded the Net Profit Before Tax of Rs.657 crore, compared to Rs. 572 crore in 9M FY 2011 - 12. This impressive rise of 15% 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 551% as on 31st December 2012 as compared to 539% on December 31st 2011. Max Life Insurance maintained more than 3 times solvency margin as compared to the margin of 150% mandated by IRDA. The Company's maintained its paid up capital (including share premium) as on December 31st 2012 at Rs. 2,127 crore. Sum Assured and Assets Under Management The total Asset Under Management increased to Rs. 20,080 crore recording a growth of 31%. This increase in Assets Under Management is an outcome of the Company's enhanced focus protection orientation. Service Parameters Max Life Insurance has enhanced 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 was just 0.18 per thousand as on 31st December 2012. At Max Life Insurance 100% of the customer complaints are resolved within the specified time of 15 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 98% 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 1.31%. About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com) Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to thirty lakh customers. It has a country-wide diversified distribution model including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital. To view the Revenue of 9M FY 2012-13 compared with 9M FY 2011-12 and Service Parameters, please click on the links given below: 9M FY 2012-13(April 2012 – December 2012) compared with 9M FY 2011-12 (April 2011 – December 2011) Service Parameters Media contact details Arpan Basu, Max Life Insurance Co. Ltd., +91 9818083556, email@example.com Contributed via: Bloomberg Publisher WEB Service Provider ID: aff5df256f0643a48aeff084aa27589c -0- Feb/13/2013 12:42 GMT
Max Life Insurance 9M FY 2013 PBT Up 15% to Rs. 657 Crore
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