Press Trust of India |
New Delhi
May 29, 2012
Last Updated at 19:55 IST
Max New York Life FY12 net up two-fold at Rs 733 cr
Gross premium of the company increased by 10% to Rs 6,391 cr
Max New York Life Insurance today reported a over 2-fold jump in net profit to Rs 733 crore for the full fiscal ended March 31, 2012.
The company had a net profit of Rs 283 crore in the 2010-11 fiscal.
Besides, gross premium of the company increased by 10% to Rs 6,391 crore in the 2011-12 financial year, Max New York said in a statement.
"Though the market continues to remain challenging, we have responded well. This has been made possible due to our continued focus on building life insurance business," Max New York Life Insurance CEO & Managing Director Rajesh Sud said.
The assets under management of the company grew by 24% to Rs 17,215 crore in 2011-12.
The company's outstanding claims ratio has come down to 1.6% as on March 31, 2012.
Last month the US-based New York Life had said it would exit from its Indian life insurance business venture--Max New York Life-- by selling its entire 26% stake to Japanese Mitsui Sumitomo Insurance at Rs 2,731 crore cash.
