BackMax India reports consolidated revenue of Rs845 cr in Q2
Max India reports consolidated revenue of Rs845 cr in Q2
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New Delhi: Max India Ltd., announced its unaudited results for the quarter and six months ended September 30, 2007 with a consolidated revenue of ₹ 1,546 crore as against ₹ 754 crore in the corresponding previous period, a growth of 105%.
Operating cash profit stood at ₹ 432 crore as against ₹ 187 crore in the corresponding previous period, a growth of 131%. Operating cash profit was ₹ 227 crore against ₹ 111 crore in 2006.
Group investments were ₹ 3,958 crore against ₹ 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 ₹ 539 crore, which was a growth of 85% year-on-year.
Annualized First Year Premium (new sales) for the quarter stood at ₹ 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 ( ₹ 543 billion) which has grown 62% year-on-year.
Shareholders infused ₹ 75 crore as fresh capital in the quarter taking the total capitalization of the business to ₹ 807 crore. Future plans include investments over ₹ 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.
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