New Delhi, Apr 22 (ANI/Business Wire India): Max New York Life Insurance, one of the leading life insurance companies of India, today announced it First Year Premium (FYP) income for financial year ended March 2008.
During the year the company has recorded a growth of 70 per cent in individual first year premium adjusted for single pay. The adjusted individual FYP for FY 2008 stood at Rs.1,308 crore as compared to Rs.769 crore during previous financial year.
During the last quarter of the financial year (January-March 08), the company grew by 95 per cent over the corresponding period last year. The adjusted individual FYP for quarter ended March 2008 stood at Rs.471 crore as compared to Rs.241 crore for quarter ended March 2007.
Commenting on the continued high growth of the company, Gary Bennett, Managing Director and CEO, Max New York Life Insurance, said: "We have built a robust and values driven business model. We have the best in class agent advisors who are acknowledged for their quality of advice."
"We always had a strong focus on customer needs and during past one year we further sharpened our customer centricity. This reflects in our entry into new product segments like health insurance and retirement planning and superior customer service and claims record. These efforts are reflected in our financial performance for the year and will help us continue on this growth trend," he added.
Max New York Life Insurance sold 8.7 lakh policies during the financial year 2008, an increase of 58 per cent over 5.5 lakh policies sold during financial year 2007. The company has acquired around 23 lakh policies since inception. In the financial Year 2008 the assets under management also doubled to over Rs.3,600 crore as compared to Rs.1,800 crore as at the end of previous financial year.
During the Financial Year 2008, Max New York Life further strengthened its distribution network. The company launched 77 new offices and now has presence in 157 cities across the country through 242 offices.
The rural business of Max New York Life Insurance started its hub and spoke operations in Haryana after witnessing stupendous success in Punjab.
The company also strengthened its partnership distribution channel by signing four corporate agency relationships, five broking house tie-ups and eight referral tie-ups with banks.
Max New York Life Insurance launched 13 new products during the financial year and now has a portfolio of 38 products and eight riders for individuals. The company entered the health insurance segment with the launch of LifeLine Health Insurance Plans in February 2008. It also strengthened its ULIP portfolio through launch of like maker range of products and retirement portfolio through Smart Invest.
Max New York Life Insurance has a strong growth focus. The company plans to significantly expand its distribution footprint by opening more than 100 new offices every year for next 3-4 years. The number of agent advisors is expected to touch 2,00,000 from current 36,500.
The growth in agency distribution will be complemented by strong growth in partnership distribution. The company currently has an equity base of Rs.1,032 crore. To support this growth plan, the shareholders are committed to increase the capital base to Rs. 2,650 crores over the next 3-4 years.