However, cash collection amounted to only Rs 38 crore in the first 12 months with the remaining Rs 5 crore being carried over for this fiscal.
The 74:26 joint venture between Max India and New York Life, probably the first private sector insurance company to announce the results, had a sum assured for more than Rs 2,100 crore.
Chief executive officer of Max New York Life Anuroop Tony Singh said 70 per cent of the premium income came from selling protection-oriented whole life policies.
The highest sum assured was Rs 5 crore, he said.
“In the first full year of the operations, the annualised first year premium income (equivalent to sales) was Rs 43 crore and first year premium income (equivalent to cash collected) was Rs 38 crore,” he said.
In the rural sector, Mr Singh said the company had met the Insurance Regulatory and Development Authority (Irda) mandated 7.5 per cent of the total policies sold, while covering 7,500 lives in the social sector.
Maintaining that the company’s performance was better than the expectations, he said: “Our solvency margin is much higher than the mandated Rs 50 crore.”
However, he did not reveal the exact solvency as he said the audited figures would be announced within two months.
Mr Singh said much of the company’s investment were in safe debt instruments including high safety (AA+-rated) government securities.
Max New York Life, with an authorised capital of Rs 300 crore, has 11 offices in nine cities for offering eight base products and nine riders/options, apart from giving more than 250 combinations.