Max New York Life FY’12 Net up two-foldhttps://indianexpress.com/article/news-archive/web/max-new-york-life-fy12-net-up-twofold/

Max New York Life FY’12 Net up two-fold

The company had a net profit of Rs 283 crore in the 2010-11 fiscal.

Max New York Life Insurance today reported a over 2-fold jump in net profit to Rs 733 crore for the full fiscal ended March 31,2012.

The company had a net profit of Rs 283 crore in the 2010-11 fiscal.

Besides,gross premium of the company increased by 10 per cent to Rs 6,391 crore in the 2011-12 financial year,Max New York said in a statement.

“Though the market continues to remain challenging,we have responded well. This has been made possible due to our continued focus on building life insurance business,” Max New York Life Insurance CEO & Managing Director Rajesh Sud said.

The assets under management of the company grew by 24 per cent to Rs 17,215 crore in 2011-12.

The company’s outstanding claims ratio has come down to 1.6 per cent as on March 31,2012.

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Last month the US-based New York Life had said it would exit from its Indian life insurance business venture–Max New York Life– by selling its entire 26 per cent stake to Japanese Mitsui Sumitomo Insurance at Rs 2,731 crore cash.