Max Life Insurance's Asset Under Management (AUM) touches Rs. 50,000 croreMax Life Insurance Co. Ltd. (6:44PM)
Business Wire India
Max Life Insurance Co. Ltd ("Company") one of the leading life insurance companies in India, today announced that the Company has touched the milestone of Assets Under Management (AUM) touching Rs. 50,000 crore mark. Over the last three years, the company's AUM has grown at a Compounded Annual Growth Rate (CAGR) of 19.5%.
This superior growth in AUM has been made possible through consistent growth in new business, increased customer retention and robust investment performance. The Company recorded First Year Premium (Individual + Group) of Rs. 3,666 crore achieving growth of 27% in the Financial Year 2016-17 (FY17). During this period the Gross Written Premium (Renewal + First Year Premium) of the Company grew by 17% to Rs. 10,780 crore, while the renewal premium recorded growth of 12% to 7,114 crore.
Talking about the achievement, Mr. Rajesh Sud, Vice Chairman and Managing Director of Max Life Insurance said, "We are delighted to share that over the last three years, we have almost doubled our AUM. We take great pride in this achievement. This truly reflects the faith of the customers in Max Life Insurance and reiterates our strong presence in the Indian life insurance sector. The credit definitely goes to our team of analyst and fund managers, who have deep understanding of various industries and asset classes to take the most appropriate long-term investment decisions."
He further said, "In recent years, we have created investment capabilities in specialized asset classes such as Real Estate, Alternate Investment Funds, Additional Tier1 Bonds and Infrastructure Investment Trusts. These new capabilities will help us provide superior returns to our policyholders. Max Life Insurance is also the first life insurance company to use fixed-income derivatives to hedge guaranteed products."
Max Life is confident of its investment strategies which will benefit its customers at all life stages. Commenting on the robust investment plans, Mr. Mihir Vora, Director and Chief Investment Officer, of Max Life Insurance said, "Our high levels of persistency ensure steady accretion in our asset base. This enables us to take long-term calls in line with our well-defined investment philosophy to optimize the risk-adjusted returns for our customers."
About Max Life Insurance Co. Ltd.
Max Life Insurance (www.maxlifeinsurance.com), one of the leading life insurers, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance offers comprehensive life insurance solutions for long term savings, protection and retirement through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The Company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.
During the Financial Year 2016-17, Max Life Insurance achieved gross written premium of Rs.10,780 crore and had sum assured in force of Rs.3,77,572 crore. As on 31st March 2017, the Company had9,446 employees 39,13,000 policies in-force which were procured and now serviced through its 54,283 agent advisors at its 210 own offices across the country.
New Delhi, Delhi, India