Max New York Life Net Up 12 times to Rs. 283 Crores
Posts impressive all-round performance: Gross Premium up 20% to Rs. 5,812 crores, Private Market Share up 199 bps to 7.5% on Adjusted Individual FYP Records 37% growth in AUM to Rs.13,836 Crore.
- (1888PressRelease) September 13, 2011 - Max New York Life Insurance, one of India's leading life insurance companies today announced its audited results for the Financial Year 2010 -11.
Commenting on the performance of the company, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance said
"I am happy with our performance in this financial year. In spite of significant challenges in the market, we responded extremely well and demonstrated superior all round performance. 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. While Max New York Life recorded 20% growth in gross revenue, profit increased 12 times. We also performed well on other parameters like sum assured increasing 26% and asset under management crossing the Rs. 13,800 crore mark recording a growth of 37%."
"We are confident of a sustainable profitable growth for Max New York Life as we continue to differentiate in the market place basis our advice based sales, balanced product portfolio, multi-channel distribution and superior customer experience," he further added
Financial Year (FY) 2010-11 (April 2010 - March 2011) compared with FY 2009-10 (April 2009 - March 2010).
Revenue
The Total Revenue for FY 2010-11 increased by 20% to Rs.5,812 crore with new business premium growing 11% to Rs.2,061 Crore and the renewal premium recording a growth of 25% to Rs.3,751 crore.
(31 Mar '11) (Rs. Crs) (31 Mar '10) (Rs. Crs) Change %
Premium Income 5,812 4,861 20%
Sum Assured in force 154,687 123,288 26%
Asset Under Management 13,836 10,116 37%
Profit for the year 283 24 1079%
Max New York Life believes Adjusted Individual First Year Premium is the true indicator to measure new business success. During the financial year 2010-11, on this parameter, the company achieved income of Rs. 1,726 Crore recording a growth of 9% over the previous financial year where as both the industry and private players have recorded a decline of 8% and 20% respectively. Consequently the private market share of the company also increased by 199 bps to 7.5%.
Post 1st September 2010, after the new ULIP guidelines came into force, Max New York Life Insurance has outperformed the industry every month. Cumulatively, in this seven months period the total industry and private insurers recorded a decline of 19% and 35% respectively while Max New York Life grew by 10%.
The company's conservation ratio which is amongst the highest at 82% is testimony to its commitment towards customers.
Cost Management
During the year the company undertook cost management initiatives which had its impact during the last quarter of the year and its full year impact would be visible in Financial Year 2011-12. The cost ratio improved 4 percentage points to 38%.
Net Profit
During the FY 2010-11, Max New York Life Insurance, recorded the Net Profit of Rs.283 crore, 12 times the profit recorded in the previous year. This impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency.
Solvency Margin & Capital
The solvency margin of the company stood at 365% for FY 2011 as compared to 322% for the corresponding period previous year. Max New York Life maintained more than 2 times solvency margin as compared to the margin mandated by IRDA.
The company's paid up capital (including share premium) as on March 31st 2011 was at Rs. 1,976 crs.
Sum Assured and Assets Under Management
The total sum assured increased to Rs. 1,54,687 crore recording a growth of 26%. This increase in sum assured is an outcome of the company's enhanced focus on long-term savings and protection.
During the financial year 2010-11 the Assets Under Management recording a growth 37% to Rs.13,836 Crore.
During the year, Max New York Life took major steps towards strengthening its multi-channel distribution architecture by entering into corporate agency tie-up with Axis Bank.
About Max New York Life Insurance Co. Ltd. (www.maxnewyorklife.com)
Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India's leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide multi-channel distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is selling life insurance for it core value of Long-term savings and protection.
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