Max Life Insurance Achieves INR 1.5 Lac Crores of Assets Under Management Milestone
On April 16, 2024, in New Delhi, Max Life Insurance Company Ltd. reached a significant milestone by attaining INR 1.5 Lac crores of Assets Under Management (AUM) as of March 31, 2024, marking a remarkable growth rate of over 20% year-on-year. This achievement signifies a substantial 1.5 times increase in AUM since September 2021, underscoring Max Life’s exceptional performance and steadfast commitment to being a reliable insurance provider.
The notable surge in AUM can be attributed to a strong emphasis on customer-centricity, robust distribution channels, and continuous product innovation, all underpinned by a technology-first approach. In recent years, Max Life has maintained resilient growth through effective investment management strategies. In addition to traditional investments in Government Securities, Corporate Bonds, and Equities, Max Life has diversified its portfolio by incorporating new asset classes like Commercial Real Estate, Alternate Investment Funds (AIF), Infrastructure Investments Trust (InvITs), and Real Estate Investment Trusts (REITs). Notably, sovereign papers and AAA-rated securities constitute more than 95% of debt investments. Furthermore, with a strategic focus on sustainable investing, the Company has integrated Environmental, Social, and Governance (ESG) criteria into its investment framework.
Sachin Bajaj, Executive Vice President, Head-Investments at Max Life, expressed, “Achieving the landmark milestone of INR 1.5 Lac Crore in AUM underscores Max Life’s commitment to sustainable growth, delivering significant value to all stakeholders. This accomplishment is a testament to our relentless pursuit of excellence. As we expand our product offerings and market presence, we will reinforce our core competencies and unwavering customer-centric approach, maintaining the trust of investors and customers through well-defined investment strategies and robust processes.”
With a solid foundation for expansion and innovation, Max Life continued its impressive performance in FY24. Public disclosures reveal that during the first nine months of FY24, Max Life witnessed a 16% growth in gross written premium, amounting to INR 18,793 crore, while renewal premium surged by 12% to INR 11,823 crore. The total Annual Premium Equivalent (APE) also saw a substantial 23% increase, reaching INR 4,561 crore. Strengthening its customer relationships, Max Life maintained its position as a market leader in 13th-month persistency scores.
Max Life has made significant strides in its individual claims paid ratio, achieving a commendable milestone in its claims settlement journey. With a remarkable claim settlement ratio of 99.51% for the number of policies settled during 2022-23, Max Life Insurance demonstrates its unwavering commitment to customer-centricity.
About Max Life Insurance
Max Life Insurance Company Limited operates as a Joint Venture between Max Financial Services Limited and Axis Bank Limited, with Max Financial Services Ltd. being a part of the esteemed Max Group. Max Life offers a wide range of comprehensive protection and long-term savings life insurance solutions through various distribution channels, including agency and third-party partners. Over the past two decades, Max Life has established itself through a sales process tailored to meet customer needs, a customer-centric engagement approach, efficient service delivery, and a skilled workforce. As per the annual audited financials for FY2022-23, Max Life achieved a gross written premium of INR 25,342 Cr.
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