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.