Max Life Insurance Company Limited It said on Thursday that its assets under management (AUM) have now crossed Rs 1 lakh crore registering a growth of six times in a decade. Max Life has achieved a significant business milestone by achieving AUM of Rs 1 lakh crore by September 23, with utmost focus on financial security, product innovation and digitisation, it said in a statement.

The private sector life insurer said it has seen a significant increase of six times in its annual AUM in the last 11 financial years.

As per the regulator of the insurance sector irdaiIn the last 10 years, Max Life’s AUM has increased from Rs 17,200 crore in 2011-12 to over Rs 1 lakh crore in the current financial year.

Amid the pandemic, the company has witnessed a growth of 22.9 per cent AUM so far in the current financial year.

With meaningful improvement in value added products and customer services, Max Life’s AUM growth has witnessed a growth of 32 per cent during 2020-21 and around 23 per cent in the current financial year.

“The milestone achievement of AUM of Rs 1 lakh crore is a testament to our commitment which has helped in delivering exceptional performance over a decade.

Prashant Tripathi, Managing Director and CEO of Max Life said.

With product innovation, agency delivery, better claims management and strategic efforts in line with regulatory trends, Max Life is poised to capitalize on emerging opportunities and take the business to the next level, he added.

The insurer said it reported 22 per cent growth in total new business premiums (individual and group) in FY21, and 19 per cent growth in individual adjusted first year premiums. This helped it achieve 10.8 per cent market share among private players in terms of individual adjusted FYP.

Renewal premium income (including group) grew by 15 per cent, up 18 per cent over the previous financial year, taking the gross written premium to Rs 19,018 crore.

Max Life has also achieved a claim payout ratio of 99.35 per cent while paying death claims worth Rs 885.57 crore during 2020-21.

The company reported a 27 per cent growth in gross written premium and 21 per cent growth in renewal premium during the first quarter of this fiscal despite the second wave of the coronavirus pandemic, the company said.

This helped the company register a growth of 32 per cent in individual annual premium equivalent (APE), thereby increasing the market share in the private sector to 11.3 per cent. Insurance industry, it further said.