Max New York Life H1 net up 8 times

“In spite of significant challenges in the market,we responded extremely well and demonstrated superior all round performance. This has been made possible due to our continued focus on building a successful and differentiated life insurance business to deliver the core value of long-term savings and protection in a Life Insurance contract,” Max New York Life Insurance CEO and Managing Director Rajesh Sud said.

He said the insurer has outperformed the industry on financial front since the regulatory changes came into effect from September 2010.

“Going ahead for the rest of the fiscal,we expect similar positive growth,” he added.

The total revenue of the company for the period under review increased by 8 per cent to Rs 2,873 crore,including Rs 843 crore new business premium and Rs 2,030 renewal premium.

The company’s paid-up capital at present stood at Rs 1,976 crore and does not require any additional funds,Sud said.

Max New York Life’s assets under management (AUM) also spiked by 20 per cent at Rs 14,708 crore compared to Rs 12,229 crore in the same period last year.

The company,which has 21 products,also has three traditional offerings in the pipeline for this fiscal,and has managed to successfully reduce its operating expenses to 21.8 per cent from 29.7 per cent.

When asked about the company’s plans for entering the capital markets,Sud said,”we are still waiting for the IPO guidelines for life insurance companies. Moreover,we have enough capital and we will not be the first in the queue for listing”.

The insurer is also looking forward to augment the current strength of its agents,about 40,000,to 60,000 by March 2012,he added.