Max New York Life Insurance has reported an impressive set of numbers for FY10-11. Profit after tax has increased to Rs 283 crores from a low Rs 24 crores in the last fiscal. This growth is especially impressive given the new ULIP regulations that came into force from 1st Sep, 2010. However it would be interesting to see if they can carry forward with the same momentum in profits in the current year, given the new tighter regulations.
Max New York Life recorded a total premium collection of Rs 5800 crores. New business premium was Rs 2050 crores while renewal premium was Rs 3750 crores. The total assets under management of the company is Rs 13800 crores.
Max has mostly traditional ( non ULIP products) under their portfolio which is why they have been affected less by the new regulations. Also the fact that they have the Bancassurance relationship with Axis Bank well established will provide them additional fuel for their growth.