Private life insurance company Max New York Life on Monday reported 18-fold jump in net profit at Rs 572 crore for the nine-month period ended December, 2011, on the back of increased productivity and cost effective techniques.
“This impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency,” Max New York Life said in a statement.
The total premium income for April-December 2011 period rose by 8 per cent to Rs 4,470 crore. However, new premium income declined 13 per cent to Rs 1,282 crore.
“Though the market continues to remain challenging, we have responded extremely well ... We are confident of a sustained profitable growth for Max New York Life ... through superior claims and complaint management,” said Mr Rajesh Sud, CEO & Managing Director, Max New York Life Insurance.
Max New York Life Insurance is a joint venture between Max India and US-based New York Life.