Max Life H1 profit up 14% at Rs 242 crore

Written by PTI | New Delhi | Updated: Dec 19 2014, 14:30pm hrs
Private player Max Life Insurance today posted 14 per cent rise in profit at Rs 242 crore for the six months ended September 2014.

The company had post tax shareholder profit of Rs 212 crore during the same period of the previous fiscal.

"In view of a strong all round performance during first half period of 2014-15, the company declared a net interim shareholder dividend of Rs 150 crore, a 17 per cent upward revision from interim dividend announced in the same period previous year," Max Life Insurance CEO and Managing Director, Rajesh Sud said in a statement.

The company recorded 15 per cent growth in New Business Premium to Rs 1,039 crore during the period.

The gross written premium of the company grew 13 to Rs 3,395 crore in H1. Assets Under Management increased by 29 per cent to Rs 28,038 crore from September 2013.

Max Life Insurance has also outperformed the industry on the basis of adjusted individual first year premium, a parameter tracked by global investor community, and gained 0.28 per cent in market share to achieve 10.7 per cent share amongst private life insurers during the period.