New Delhi: Max India Ltd., announced its unaudited results for the quarter and six months ended September 30, 2007 with a consolidated revenue of Rs 1,546 crore as against Rs 754 crore in the corresponding previous period, a growth of 105%.
Operating cash profit stood at Rs 432 crore as against Rs 187 crore in the corresponding previous period, a growth of 131%. Operating cash profit was Rs 227 crore against Rs 111 crore in 2006.
Group investments were Rs 3,958 crore against Rs 1,567 crore in 2006, showing a growth of 153%.
Commenting on the results, B. Anantharaman, Joint Managing Director, Max India said, ”Our life insurance and healthcare businesses have done well, riding on a strong macro economic environment and favourable demographic profile. These businesses will continue reporting impressive growth.”
Max New York Life (MNYL) registered a gross premium income for the quarter ended September 30, 2007 at Rs 539 crore, which was a growth of 85% year-on-year.
Annualized First Year Premium (new sales) for the quarter stood at Rs 316 crore,growing 72% year-on-year. The company has over 1.3 million policyholders with 160,000 policies sold during the quarter. Sum assured in force as on September 30, 2007 was $14 billion (Rs 543 billion) which has grown 62% year-on-year.
Shareholders infused Rs 75 crore as fresh capital in the quarter taking the total capitalization of the business to Rs 807 crore. Future plans include investments over Rs 1,800 crore in next three years and adding of around 90-100 offices every year going forward and increasing its distribution strength to over 200,000 agents in next four to five years.