Max Life Insurance secures 10.8% market share among private life insurers1 min read . Updated: 30 Sep 2021, 07:14 PM IST
- The private insurer has clocked 6x growth in the last 11 fiscals
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Max Life Insurance on Thursday announced that its Assets Under Management (AUM) has crossed ₹1 lakh crore, as of 23 September 2021. The private insurer has clocked 6x growth in the last 11 fiscals, it said.
“With an inordinate focus on financial protection, product innovation, and digitization aimed to deliver a superior customer experience, the Company has witnessed a notable six times growth in its annualized AUM over the past eleven fiscals."
As per data from Insurance Regulatory and Development Authority of India (IRDAI), life insurance industry has AUM of ₹39 lakh crore as on March 2020. Of this, LIC India has remained the largest life insurance company with assets of ₹31 lakh crore, followed by SBI Life at ₹1.62 lakh crore. Max Life’s AUM was ₹69,109 crore. This data is until March 2020.
Max Life said its AUM registered 32% growth in FY20-21 and 22.9% growth in the current fiscal, as on September 23rd, 2021.
“The milestone achievement of INR 1 Lac Crore of Assets under Management (AUM) is a testament to our commitment that has helped deliver exceptional performance over a decade. The stellar growth has continued into the pandemic times as well, with our highest-ever individual new business sum assured and a decade-high private market share in terms of Individual adjusted FYP. With strategic efforts to boost product innovation, agency distribution, better claims management, and conformity to regulatory trends, Max Life is poised to capitalize on emerging opportunities and take the business to the next pedestal," said Prashant Tripathy, MD and CEO, Max Life.
As per the company, during FY20-21, it registered 22% growth in total new business premium (individual and group combined), and 19% growth in individual adjusted first-year premium. With these growth statistics, Max Life has secured 10.8% market share amongst private life insurers in terms of individual adjusted first-year premium.
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