Max Life FY14 PAT up 3% at Rs 436 crore

Company's PAT stood at Rs 423 during 2012-13

Private insurer Max Life Insurance today reported three% growth in profit after tax (PAT) at Rs 436 crore compared to last year.

Max Life Insurance PAT stood at Rs 423 during 2012-13, the company said in a release.

"I am delighted that we performed well on all parameters while coping with the changing business and regulatory environment. We are the only company to witness uninterrupted growth in the past 20 months.

"All distribution channels recorded growth in new business premium during the year, including the core channel of agency distribution which also witnessed growth in productivity and performed ahead of plan," Max Life Insurance CEO and Managing Director Rajesh Sud said.

The Gross Written Premium of the company grew 10% to Rs 7,279 crore, compared to Rs 6,617 crore in the previous year.

The company's New Business Premium saw a growth of 19% at Rs 2,262 crore in FY14, compared to Rs 1,899 crore last year.

Max Life's Assets under Management (AUM) stood at Rs 24,716 crore, recording a growth of 21% over the last year.

The company's conservation ratio was at 82%.

"We have demonstrated superior all round performance and have been able to gain market share amongst private life insurers.

"Going forward, we are confident of a sustained profitable growth 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," Sud added.

Max Life Insurance is a joint venture between Max India and Mitsui Sumitomo Insurance, a member of MS&AD Insurance Group, which is amongst the top general insurers in the world.