New Delhi [India], July 26 (ANI/NewsVoir): Max Life Insurance Company Ltd ("Max Life" / "Company"), has announced its highest-ever participating (PAR) bonus of Rs 1,420 Crore for eligible policyholders in FY21-22. With this, Max Life has surpassed the milestone of Rs 10,000 Crore of declared bonus for participating customers since inception. This is the Company's 20th consecutive annual bonus, 9.05 per cent 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 per cent.
The declared annual bonus will be added to approximately 21 lac eligible participating policyholders' 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 and 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 Crore 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 per cent of the proprietary channel product mix in FY21. Max Life's participating fund has reached approximately Rs 54,650 Crore of assets under management (AUM) and has grown over 12 times in a decade. With a 5-year CAGR of ~21 per cent, 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 per cent to Rs 5,514 Crore in FY22.
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 March 31, 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.
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