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Max Life Insurance announced the first ever dividend to its shareholders on Monday, 12 years after the private life insurer’s inception in 2000 when the sector was thrown open to the private sector.
A maiden dividend of 5.1 per cent involving an outgo of Rs 115 crore (including dividend distribution tax of Rs 16 crore) was approved by the company’s board of directors at a recent meeting.
While Max India will get a dividend of Rs 70 crore, Mitsui Sumitomo Insurance will be entitled to Rs 26 crore, and Axis Bank, Rs 3 crore.
“Over the past 12 years, our shareholders have invested Rs 2,127 crore in Max Life Insurance to support the company’s growth. We believe that it is now time for us to share the outcomes of our success with our shareholders”, Rajesh Sud, CEO and Managing Director, Max Life Insurance said in a statement.
The interim dividend has been declared based on the performance of the company during the first half of the current fiscal
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