Max Life Insurance posts 19 pc jump in FY21 APE

Max Life Insurance said on Tuesday its individual annualised premium equivalent (APE) grew by 19 per cent to Rs 4,907 crore in the financial year ended March (FY21).

The gross written premium increased by 18 per cent to Rs 19,018 crore with the company's embedded value totalling Rs 11,834 crore.

The operating return on embedded value (RoEV) was at 18.59 per cent, including non-operating variances RoEV at 22.4 per cent impacted by COVID-19 provisions.

The value of new business was at Rs 1,249 crore, up 39 per cent and total assets under management grew 32 per cent to Rs 90,407 crore in FY21.

"In a tough year, we outpaced the private life insurance industry on the back of exceptional digital agility, distribution excellence, and product innovation strength," said Prashant Tripathy, Managing Director and Chief Executive Officer of Max Life Insurance.

"A balanced product mix of traditional savings-cum-protection plans, unit-linked plans, and pure protection products delivered robust sales growth and margin expansion, in turn enabling highest-ever overall sales and value of new business."

Tripathy said the company's distribution network including e-commerce, bancassurance partners and agency channels worked seamlessly during the pandemic to help customers realise their financial protection needs.

( With inputs from ANI )

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