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. 1,420 Cr. 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. 54,650 Cr. 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.
About Max Life Insurance (www.maxlifeinsurance.com)
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 the Max Group, an Indian multi-business corporation. 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 public disclosures and annual audited financials for FY 2021-22, Max Life has achieved a gross written premium of INR 22,414 crore. As of 31st March 2022, the Company had INR 1,07,510 crore of Assets Under Management (AUM) and a Sum Assured in Force of INR 1,174,515 crore.
For more information, please visit the Company’s website at www.maxlifeinsurance.com.