Max Life 9-Month Profit Falls 5% to Rs 308 Crore

New Delhi: Max Life Insurance on Thursday reported a 5 per cent decline in shareholders' net profit at Rs 308 crore for the nine months ended December 2014.

The private sector insurer had posted a net profit of Rs 326 crore for the corresponding period a year ago.

"This decline in shareholders' profit is in line with the company's overall strategy of optimising its product mix," Max Life Insurance said in a statement.

During the period, the company recorded a New Business Premium of Rs 1,693 crore, a growth of 14 per cent over the corresponding period last year.

Gross Written Premium also grew 12 per cent to Rs 5,447 crore.

At the same time, assets under management increased 26 per cent to Rs 29,262 crore from December 2013.

Max Life Insurance managing director Rajesh Sud said, "Going forward, we are confident of sustained growth as we continue to differentiate in the market place on the basis of balanced product portfolio and diversified distribution through superior claims and complaint management."

Besides, the solvency ratio of the company rose to 469 per cent, more than 3 times the mandatory 150 per cent.