Max Life Insurance Co Ltd on Thursday said its assets under management (AUM) have now crossed Rs 1 lakh crore, registering a growth of six times in over a decade.
Max Life has scaled a significant business milestone by achieving Rs 1 lakh crore of AUM as of September 23, with an inordinate focus on financial protection, product innovation, and digitisation, it said in a statement.
The private sector life insurer said it has witnessed a notable six-times growth in its annualised AUM over the past 11 financial years.
As per insurance sector regulator Irdai’s valuation guidelines, in the past 10 years, Max Life’s AUM has grown from Rs 17,200 crore in 2011-12 to cross Rs 1 lakh crore in the current financial year.
Amid the pandemic, the company witnessed a 22.9 per cent AUM growth in the current financial year to date, it added.
With value-added products and meaningful improvements across customer services, Max Life’s AUM growth has witnessed a 32 per cent jump during 2020-21 and nearly 23 per cent in the current financial year to date, it said.
“The milestone achievement of Rs 1 lakh crore AUM is a testament to our commitment that has helped deliver exceptional performance over a decade.
“The stellar growth has continued into the pandemic times as well, with our highest-ever individual new business sum assured and a decade-high private market share in terms of individual adjusted FYP (first year premium),” Prashant Tripathy, managing director and CEO of Max Life, said.
With strategic efforts to boost product innovation, agency distribution, better claims management, and conformity to regulatory trends, Max Life is poised to capitalise on emerging opportunities and take the business to the next pedestal, he added.
The insurer said it registered a 22 per cent growth in total new business premium (individual and group) in FY21, and 19 per cent growth in individual adjusted first-year premium. This helped in securing a 10.8 per cent market share among the private players in terms of individual adjusted FYP.
The renewal premium income (including group) grew 15 per cent, taking a gross written premium to Rs 19,018 crore, up 18 per cent over the previous financial year.
Max Life has also achieved claims paid ratio of 99.35 per cent, paying death claims of Rs 885.57 crore during 2020-21, it said.
The company said its registered a 27 per cent growth in gross written premium and a 21 per cent rise in renewal premium during the first quarter of this fiscal year despite the second wave of the coronavirus pandemic.
This helped the company record a 32 per cent growth in individual annual premium equivalent (APE), with the market share improving to 11.3 per cent in the private life insurance industry, it said further.