Max Life Insurance Company Ltd. on May 25, 2023, announced its highest-ever participating (PAR) bonus of Rs. 1,604 crore for the eligible policyholders for the fiscal 2022-23. It is its 21st consecutive annual bonus, an 8 per cent increase compared to the previous fiscal year.
According to the company, the bonus will assist around 21 lakh eligible participating policyholders in achieving their long-term financial goals. The bonuses are an additional payout received alongside the entitled basic sum assured, as certain participating life insurance policies allocate a share of their profits for this purpose.
Prashant Tripathy, the MD & CEO of Max Life, has expressed satisfaction in the company’s ability to deliver the highest-ever PAR bonuses to eligible policyholders. The company said the declaration of the highest-ever PAR bonus is testimony to its financial well-being.
Max Life's individual annual premium equivalent (APE) also witnessed impressive growth, rising by 12 per cent to Rs. 6,178 crore. The Gross Written Premium for the fiscal year 2022-23 reached Rs. 25,342 crore, reflecting a 13 per cent increase compared to the previous fiscal year.
As per public disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium of Rs. 22,414 crore. As of March 31, 2022, the company had Rs. 1,07,510 crore of assets under management (AUM) and a sum assured in force of Rs. 1,174,515 crore.
Max Life Insurance company has rewarded eligible policyholders with bonuses consistently for over two decades, the company said, adding that it showcases the company's dedication to securing the financial futures of its customers.
In addition to the bonus declaration, Max Life has strengthened its participating propositions, which now constitute 24 per cent of the proprietary channel product mix in the fiscal year 2022-23, the release said.
As a result, Max Life's participating fund has grown substantially to reach approximately Rs. 61,000 crore in AUM, exhibiting almost ten-fold growth over the past decade.