Private life insurer Max New York Life Insurance posted a 159 per cent growth in net profit at Rs 733 crore for the fiscal year 2012 on the back of sales of endowment and money-backed products. The profit was at Rs 283 crore in the year ago period.Gross premium grew 10 per cent at Rs 6,391 crore (Rs 5,813 crore). The renewal premium recorded a growth of 20 per cent at Rs 4,489 crore.During the year, the solvency margin of the company increased to 534 per cent on better reserves as compared to 365 per cent last year. The solvency surplus in FY12 stood at Rs 1,703 crore (Rs 892 crore in FY11). The company sold 5.72 million policies in FY12. “We were the early ones to start long-term savings and protection (LTSP) policy. We have maintained the protection cover mandated by IRDA (Insurance Regulatory and Development Authority) at 10 times the sum assured,” said Ms Anisha Motwani, Chief Marketing Officer, Max New York Life Insurance.
Thursday, May 31, 2012
Max New York Life clocks Rs 733-cr net profit in FY12
Private life insurer Max New York Life Insurance posted a 159 per cent growth in net profit at Rs 733 crore for the fiscal year 2012 on the back of sales of endowment and money-backed products. The profit was at Rs 283 crore in the year ago period.Gross premium grew 10 per cent at Rs 6,391 crore (Rs 5,813 crore). The renewal premium recorded a growth of 20 per cent at Rs 4,489 crore.During the year, the solvency margin of the company increased to 534 per cent on better reserves as compared to 365 per cent last year. The solvency surplus in FY12 stood at Rs 1,703 crore (Rs 892 crore in FY11). The company sold 5.72 million policies in FY12. “We were the early ones to start long-term savings and protection (LTSP) policy. We have maintained the protection cover mandated by IRDA (Insurance Regulatory and Development Authority) at 10 times the sum assured,” said Ms Anisha Motwani, Chief Marketing Officer, Max New York Life Insurance.
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