PAR Bonus for FY24 is ~14%* higher than last fiscal
NEW DELHI, May 31, 2024 -- Max Life Insurance Company Ltd. ("Max Life" / "Company") has announced its highest-ever participating (PAR) bonus of Rs. 1,826 Crore* for its eligible policyholders in FY23-24. This is the Company's 22nd consecutive annual bonus, ~14% higher* than the bonus declared in the last fiscal.
The declared annual bonus will be added to the benefits of approximately 21 lakh eligible participating policyholders* over the next one year, starting July'24, aiding their long-term financial goals. With a focus on offering superior risk-adjusted returns, Max Life has consistently announced bonuses for its eligible policyholders over the past two decades, declaring a cumulative bonus of 13,712** Crore in the last 22 years.
Prashant Tripathy, CEO and Managing Director, Max Life said, "The highest-ever PAR Bonus declaration reflects Max Life's focus on consistent value building for our customers through robust investments and exceptional fund management. This has been made possible by our highly competitive fund management capabilities, which allow us to reward our participating policyholders with continuously increasing bonuses on their investments. Our commitment to financial security ensures our customers reap the rewards of their trust in us, setting industry benchmarks year after year."
Over the past year, Max Life has been at the forefront of driving product innovation and creating first-in-industry product propositions like Smart Wealth Advantage Growth PAR Plan (SWAG Par), that offers enhanced liquidity, protection, and retirement benefits to the customers. With this, the company has strengthened its participating propositions, resulting in Max Life's participating fund reaching Rs. 67,722 Crore of assets under management (AUM)**, growing at a CAGR of ~22% in the last decade.
In FY24, Max Life's Individual Adjusted First Year Premium grew by 16% to Rs. 6,961 Crore, leading to a private market share of 9.4%+, expanding by 61 bps over the last fiscal. The Company's Gross Written Premium was Rs. 29,529 Crore in FY24, reflecting a 17% increase over the last fiscal**.
* Basis FY'24 post-audited financials
** includes regular and terminal bonus
+ Source: Exchange filed Max Financial Investor Release
About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Crore.
For more information, please visit the Company's website at www.maxlifeinsurance.com
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