Max Life Insurance today reported 9 per cent increase in net profit at Rs 102 crore for the first quarter ended June 30, 2014-15.
A joint venture between Max India and Japan-based Mitsui Sumitomo Insurance, the company had net profit of Rs 94 crore in the April-June quarter of the 2013-14 fiscal.
"This rise in shareholders’ profit was a result of continued revenue growth coupled with better productivity and cost efficiency," Max Life Insurance Managing Director Rajesh Sud said.
Its Gross Written Premium for Q1, 2014-15 increased by 10 per cent to Rs 1,458 crore with a 22 per cent increase in new business premium at Rs 468 crore. The renewal premium recorded 5 per cent growth to Rs 990 crore.
The Assets Under Management (AUM) of Rs 26,697 crore recorded a growth of 25 per cent.
The solvency ratio of the company stood at 500 per cent as on June 30, 2014.
The company's customer complaints rate stood at 0.23 as of June, and 99.98 per cent of the customer complaints are resolved within the specified time of 14 days.