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Max Life Insurance today reported 9% increase in net profit at Rs 102 crore for the first quarter ended June 30, 2014-15.
A joint venture between Max India and Japan-based Mitsui Sumitomo Insurance, the company had net profit of Rs 94 crore in the April-June quarter of the 2013-14 fiscal.
"This rise in shareholders' profit was a result of continued revenue growth coupled with better productivity and cost efficiency," Max Life Insurance Managing Director Rajesh Sud said.
Its Gross Written Premium for Q1, 2014-15 increased by 10% to Rs 1,458 crore with a 22% increase in new business premium at Rs 468 crore. The renewal premium recorded 5% growth to Rs 990 crore.
The Assets Under Management (AUM) of Rs 26,697 crore recorded a growth of 25%.
The solvency ratio of the company stood at 500% as on June 30, 2014.
The company's customer complaints rate stood at 0.23 as of June, and 99.98% of the customer complaints are resolved within the specified time of 14 days.
