It has been a strong year Max Life Insurance so far, growing almost double the industry growth. To talk about the premium growth going forward, CNBC-TV18 spoke with Prashant Tripathi, MD & CEO, Max Life Insurance to receive some insights.
He said that for the first nine months, the annual premium grew at 21 percent, the value of new business growth for M9FY19 was 37 percent and that return on embedded value stood at 18.8 percent, while margins for that period stood at 20.4 percent.
Going forward for the full year, the growth numbers should be higher than average of first nine months. Thus, the APE growth is expected to be around 23-25 percent, margins to remain between 20.5-21 percent, RoEV to be around 20 percent.
The industry growth for M9FY19 on new APE has been around 11 percent. So, the company is growing at double the rate of the industry, said Tripathi.
With regards to Bancassurance, he said Axis Bank, Yes Bank and Lakshmi Vilas bank are their partners, which contribute about two-third of their sales. He said these are strategic partnerships and continuation of the tie-ups with them are reviewed from time to time.
He also denied of talks of Axis Bank acquiring a majority stake in their company.