Saturday, May 25, 2024

Max Life Insurance declares highest-ever PAR Bonus of Rs. 1,420 Cr. for FY21-22

Max Life Insurance Company Ltd. (“Max Life” /“Company”), has announced its highest-ever participating (PAR)bonus of Rs. 1,420Cr. for eligible policyholders in FY21-22.With this, Max Life has surpassed the milestone of Rs. 10,000 Cr. of declared bonus for participating customers since inception. This is the Company’s 20th consecutive annual bonus, 9.05% higher than the preceding fiscal year. The life insurer’s annual bonus has increased at a 5-year compound annual growth rate (CAGR) of more than 11%. The declared annual bonus will be added to approximately 21 lac eligible participating policyholder’s benefits, aiding their long-term financial goals. Max Life has consistently announced bonuses for eligible policyholders consistently over the past two decades that underlines its commitment to customers and superior risk-adjusted return focus.

Prashant Tripathy, MD & CEO, Max Life said, “Despite pandemic-related challenges and its effect on markets, Max Life delivered strong business outcomes
and declared the highest-ever policyholder bonus by maintaining a focused approach towards sustainable and organic growth. It is a mark of our highly competitive fund management capabilities that we have been able to surpass the Rs. 10,000 Cr. milestone of declared bonus since inception.”

Over the past year, Max Life has been at the forefront of driving product innovation and creating first-in-industry propositions. The life insurer has also strengthened participating propositions that made up 34% of the proprietary channel product mix in FY21.Max Life’s participating fund has reached approximately Rs. 54,650Cr.of assets under management (AUM) and has grown over 12 times in a decade. With a 5-year CAGR of ~21%, Max Life’s participating fund is amongst the top participating fund(by size) in the private life insurance space. The debt assets of participating fund have yielded consistent and stable returns over the last five years. Over the past year, Max Life’s individual annual premium equivalent (APE)grew by 12% to Rs. 5,514 Cr. in FY22.

Recent Articles

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox