Max New York Life fiscal net profit surges 12-fold

Max New York Life Insurance has reported a twelve-fold jump in net profit at Rs283 crore for the 2010-11 fiscal from Rs24 crore in the year-ago period

Private insurer Max New York Life Insurance has reported a twelve-fold jump in net profit at Rs283 crore for the 2010-11 fiscal from Rs24 crore in the year-ago period.

"In spite of significant challenges in the market, we responded extremely well and demonstrated superior all-round performance... While Max New York Life recorded 20 per cent growth in gross revenue, profit increased 12 times," the company CEO and managing director, Mr Rajesh Sud, said in a release today.

"We also performed well on other parameters like sum assured increasing 26 per cent and assets under management crossing the Rs13,800 crore mark, recording a growth of 37%," he added.

In addition, the company's total revenue for FY 2010-11 grew almost 20% to Rs5,812 crore, with new business premium collections increasing 11% to Rs2,061 crore and renewal premium recording a growth of 25% to Rs3,751 crore.

Max New York Life Insurance is a joint venture between Max India and New York Life International, the international arm of New York Life, a Fortune 100 company.

User

China allows US fund sales

Is the country finally opening up?

Read Article…

User

Google becomes even more ambitious

It is getting into Web music services, movie rentals…

Watch Video…

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)