Max Life Insurance H1 profit before tax up 6% to Rs 398 crore

MUMBAI: Max Life Insurance posted 6% growth in net profit before tax of Rs 398 crore.

The gross revenue remained flat at Rs. 2,901 crore. The company's assets under management increased 30% to Rs 19,184 crore over last year and sum assured that touched Rs.158,054 crore, an increase of 7%.

The company announced the maiden shareholders' dividend entailing distribution of Rs 115 crore, based on the performance of the company during the first half of the Financial Year 2012-13.

Post dividend the Company has the solvency margin of 554%, which clearly indicates its strong and stable financial position.

The market share among private life insurers at 9.5% on Adjusted Individual FYP.

Records 30% growth in AUM to Rs. 19,184 crore.

Solvency Margin 554% post its maiden shareholders' interim dividend.

""While the economic and regulatory challenges continued, we continued to perform well due to our continued focus on building a successful and differentiated life insurance business to deliver the core value of long-term savings and protection in a life insurance contract," said Rajesh Sud, CEO & Managing Director, Max Life Insurance.