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Insurance
26-May-23
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Max Life policyholders to get Rs 1,604 crore as participating bonus
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Max Life Insurance Company Ltd. on Thursday announced its highest-ever participating (PAR) bonus of Rs. 1,604 crores to its eligible policyholders in FY22-23.
This is the company's 21st consecutive annual bonus is nearly 8% higher than the bonus declared in the last fiscal. Over the past 20 years, Max Life has continuously announced bonus for its eligible policyholders, displaying its dedication to its clientele and commitment to providing the best risk-adjusted returns.
“The declared annual bonus will be added to the benefits of approximately 21 lakh eligible participating policyholders, aiding their long-term financial goals”, the insurer said in a statement.
Commenting on the announcement, Prashant Tripathy, MD & CEO of Max Life said, “We are proud to announce our highest-ever PAR Bonuses for our eligible policyholders who have trusted us to secure their families' financial futures. Our continuous bonus declaration for over two decades is based on strong business outcomes and a commitment to offering constant value to our customers. This has been possible through a robust investment portfolio, and highly competitive fund management capabilities which have enabled us to reward our participating policyholders with an ever-increasing bonus on their investments.”
“Max Life has strengthened its participating propositions that made up 24% of the proprietary channel product mix in FY23. As a result, Max Life's participating fund has reached approximately Rs. 61,000 crore of assets under management (AUM) and has grown nearly 10 times over the last decade”, the company said.
Max Life's participating fund is amongst the top participating funds (by size) in the private life insurance sector, where the debt assets of participating funds have yielded consistent and stable returns over the past five years.
Individual annual premium equivalent (APE) of the insurer grew by 12% to Rs. 6,178 crore, and the Gross Written Premium was Rs. 25,342 Crore in FY23, reflecting a 13% increase over the last fiscal.
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