New Delhi, Delhi, India:Max New York Life Insurance, the largest non bank owned private life insurer today announced its audited results for the Financial Year 2011 -12. The company recorded 10% growth in gross premium to Rs. 6,391 Crores while the profit increased 159% to Rs. 733 Crores. The Company also performed well on other parameters like asset under management, recording a growth of 24% to Rs. 17,215 Crores over the last financial year, while solvency margin increased to 534%.
Max New York Life has now one of the lowest customer complaints incidence ratio at just 0.2 per thousand for the fiscal. The company’s Outstanding Claims Ratio has come down to 1.6% as on 31st March 2012.
Commenting on the performance of the company, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance
"I am happy to share with you our performance for the financial year 2012. Though the market continues to remain challenging, we have responded extremely well and outperformed the private life insurance industry. 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.”
“Over the years we have built a financially strong and stable company based on solid foundations and are confident of a sustained profitable growth as we continue to differentiate in the market place basis our advice based sales, comprehensive product portfolio, diversified distribution model and a customer centric approach at every touch point. Our capital position and solvency surplus indicates our strong financial position. We are confident of further strengthening our performance in the next phase of our growth journey with Mitsui Sumitomo Insurance (MSI) as our new partner.” he further added
Financial Year (FY) 2011-12 (April 2011 – March 2012) compared with FY 2010-11 (April 2010 – March 2011)
The Gross Premium for FY 2011-12 increased by 10% to Rs.6,391 Crores with new business premium declining 8% to Rs.1,902 Crores and the renewal premium recording an impressive growth of 20% to Rs.4,489 Crores.
Max New York Life believes Adjusted Individual First Year Premium is the true indicator to measure new business success. During the FY 2011-12, on this parameter, the company outperformed the private players and consequently the private market share of the company also increased by 110 bps to 8.6%.
The Company’s conservation ratio, which is amongst the highest at 81%, is testimony to its commitment towards customers. Our 13th month persistency at 75% is amongst the best in the industry.
The company undertook cost management initiatives over the last couple of years with long-term impact perspective. This resulted in cost ratio improving to 30 % in FY 2011-12 as compared to 38% in FY 2010-11.
During the FY 2011-12, Max New York Life Insurance, recorded the Net Profit of Rs.733 Crores, a 159% increase over FY 2010-11. Of this, Shareholders Profit after transfers amounted to Rs 460 Crores, an increase of 137% over FY 2010-11. The impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency.
Solvency Ratio & Capital
The company’s paid up capital (including share premium) and solvency surplus as on March 31st 2012 was at Rs. 2,127 Crores and Rs 1,703 crores respectively.
The solvency ratio of the company stood at 534% for FY 2011-12 as compared to 365% for the corresponding period previous year. Max New York Life maintained more than 3.5 times solvency ratio as compared to the 150% mandated by IRDA.
Assets Under Management
During the FY 2011-12 the Assets Under Management (AUM) recording a growth 24% to Rs.17,215 Crores; Non linked AUM grew by 48% also resulting in corresponding increase in investment income.
About Max New York Life Insurance Co. Ltd. (www.maxnewyorklife.com)
Max New York Life Insurance Co. Ltd. is a joint venture between Max India Ltd., one of India's leading multi business corporations and New York Life Enterprises LLC, a subsidiary of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is the largest non-bank promoted private life insurance company in India. The company offers both individual and group life insurance solutions. It has established a multi-channel distribution network across India. Through its wide network of highly competent life insurance agent advisors & intermediaries and comprehensive product portfolio, Max New York Life is providing life insurance solutions for its core value of Long-term Savings and Protection.
To view the press release along with the tables, please click on the link given below:
Press release with tables
Arpan Basu, Max New York Life Insurance, +91 9818083556