PAR Bonus for FY23 is ~8% higher than last fiscal
New Delhi, May 25, 2023: Max Life Insurance Company Ltd. (“Max Life” / “Company”) has announced its highest-ever participating (PAR) bonus of Rs. 1,604 Cr. for its eligible policyholders in FY22-23. This is the Company’s 21st consecutive annual bonus; ~8% higher than the bonus declared in the last fiscal.
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The declared annual bonus will be added to benefits of approximately 21,00,000 (21 lakhs) eligible participating policyholders, aiding their long-term financial goals. Max Life has consistently announced bonuses for its eligible policyholders over the past two decades, demonstrating its customer commitment and a focus on offering superior risk-adjusted returns
Prashant Tripathy, MD & CEO, 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 offer constant value to our customers. This has been possible through a robust investment portfolio, and highly competitive fund management capabilities which has enabled us to reward our participating policyholders with an ever-increasing bonus on their investments.”
Over the past year, Max Life has been at the forefront of driving product innovation and creating first-in-industry propositions. The Company also 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 Cr. of assets under management (AUM)* and has grown nearly ten times over the last decade. Today, 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 last five years.
Max Life’s individual annual premium equivalent (APE) grew by 12% to Rs. 6,178 Cr., and the Gross Written Premium was Rs. 25,342 Cr. in FY23 that reflects a 13% increase over the last fiscal*.
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 Cr.
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