Private life insurance company Max New York Life today reported 18-fold jump in net profit at Rs 572 crore for the nine-month period ended December, 2011, on the back of increased productivity and cost effective techniques.
"This impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency," Max New York Life said in a statement.
The total premium income for April-December 2011 period rose by 8% to Rs 4,470 crore. However, new premium income declined 13% to Rs 1,282 crore.
"Though the market continues to remain challenging, we have responded extremely well ... We are confident of a sustained profitable growth for Max New York Life ... Through superior claims and complaint management," Max New York Life Insurance CEO & Managing Director Rajesh Sud said.
During the financial year 2010-11 the company undertook cost management initiatives which had its long-term impact. The cost ratio improved to 31% in December 2011, the statement said.
The company's paid up capital as on December 2011 stood at Rs 2,126 crore.
Max New York Life Insurance is a joint venture between Max India and US-based New York Life.