Max Life Insurance April-December profit before tax at Rs 657 crore

MUMBAI: Max Life Insurance reported a 15 per cent rise in profit before tax (PBT) at Rs 657 crore in the first nine months (April-December) of the current fiscal.

The private life insurer's PBT stood at Rs 572 crore in the corresponding period of last fiscal.

Total revenue of the company increased by 2 per cent to Rs 4,560 crore by the end of December quarter.

"Though the market continues to remain challenging and uncertain, we have responded extremely well..," Max Life Chief Executive and Managing Director Rajesh Sud said.

He said the company was confident of a sustained profitable growth in the future.

According to the company, its assets under management (AUM) increased 31 per cent to Rs 20,080 crore in the period under review over the corresponding period last fiscal.

The insurer, joint venture between Max India and Japan's Mitsui Sumitomo Insurance Company, has a solvency margin of 551 per cent, much above the watchdog IRDA's mandated 150 per cent for the life insurance firms.