Max Life Insurance Company Ltd has announced its highest-ever participating bonus of Rs. 1,420Cr. for eligible policyholders in FY21-22. Max Life has surpassed the milestone of Rs. 10,000Cr. of declared bonus for participating customers since inception. This is the Company’s 20th consecutive annual bonus, 9.05% higher than the preceding fiscal year. The life insurer’s annual bonus has increased at a 5-year compound annual growth rate of more than 11%. The declared annual bonus will be added to approximately 21 lac eligible participating policyholder’s benefits, aiding their long-term financial goals.
The life insurer has also strengthened participating propositions that made up 34% of the proprietary channel product mix in FY21. Max Life’s participating fund has reached approximately Rs. 54,650Cr. of assets under management. With a 5-year CAGR of 21%, Max Life’s participating fund is amongst the top participating fund (by size) in the private life insurance space. Over the past year, Max Life’s individual annual premium equivalent grew by 12% to Rs. 5,514Cr. in FY22.
Prashant Tripathy, MD & CEO, Max Life said, “Despite pandemic-related challenges and its effect on markets, Max Life delivered strong business outcomes and declared the highest-ever policyholder bonus by maintaining a focused approach towards sustainable and organic growth.”
