NEW DELHI, April 16, 2024 /PRNewswire/ -- Max Life Insurance Company Ltd. ("Max Life" / "Company") has scaled a significant business milestone by achieving INR 1.5 Lac crores of Assets Under Management (AUM) as on 31st March 2024, registering over 20% growth rate year-on-year. The achievement, reflecting a 1.5 times growth in AUM from September 2021 is indicative of Max Life's strong performance and unwavering dedication to being a trusted insurance partner.
The rapid AUM growth has been primarily driven by a focus on customer-centricity, robust distribution channels, and product innovation supported by a tech-first strategy. Particularly in the last few years, Max Life has ensured resilient growth through effective investment management strategies. Apart from Government Securities, Corporate Bonds, and Equities, Max Life has added new asset classes such as Commercial Real Estate, Alternate investments funds (AIF), Infrastructure investments trust (InvITs), Real Estate Investment Trusts (REITS). However, sovereign papers and AAA-rated securities account for more than 95% of debt investments. With a strategic commitment to sustainable investing, the Company has also integrated ESG criteria into its investment strategy.
Sachin Bajaj, Executive Vice President, Head-Investments, Max Life, said,"The landmark accomplishment of INR 1.5 Lac Crore in AUM is evidence of Max Life's sustainable growth mindset, which has helped us deliver great value to our stakeholders. We feel delighted to have accomplished this important milestone in our journey. As we continue to expand our offerings and reach, we shall double down on our strengths and customer obsession focus. We remain committed to upholding investor and customer trust, on the back of our clearly defined investment strategies and strong processes."
With a solid foundation for expansion and innovation, Max Life continued its strong run in FY24. As per public disclosures, during 9 Months FY24, Max Life's gross written premium grew by 16% to INR 18,793 crore, with renewal premium rising by 12% to INR 11,823 crore. Max Life's total Annual Premium Equivalent (APE) increased by a robust 23% to INR 4,561 crore. Forging a strong relationship with customers, the Company continued to maintain its position as one of the market leaders in 13th month persistency scores.
Max Life has experienced substantial year-on-year growth in its individual claims paid ratio, achieving a noteworthy milestone in its claims journey. In terms of number of policies settled during 2022-23, Max Life Insurance has a claim settlement ratio of 99.51% showcasing its commitment towards customer- centricity.
About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the Company's website at www.maxlifeinsurance.com
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