Max Life Insurance Company (Max Life), a joint venture between Max Financial Services Limited and Axis Bank Limited, has announced that it has achieved INR1.5 trillion of assets under management (AUM) by the end of March. The firm has reportedly registered a 20% growth rate year-over-year.
“The landmark accomplishment of INR1.5 trillion in AUM is evidence of Max Life's sustainable growth mindset, which has helped us deliver great value to our stakeholders. We feel delighted to have accomplished this important milestone in our journey,” said Mr Sachin Bajaj, Executive Vice President, Head-Investments, Max Life.
The firm’s rapid growth in AUM was greatly influenced by its focus on being customer-centric, having robust distribution channels, and the continuous innovation of products which is supported by a strategy that utilises technology.
Max Life’s investment management strategies also helped drive the growth, the company said. It has also added new asset classes like commercial real estate, alternate investments funds (AIF), infrastructure investment trust (InvITS), and real estate investment trusts (REITS). It was also integrating ESG criteria into its strategy for investments.
In addition, the firm experienced growth in its individual claims paid ratio year-over-year as it recorded a claim settlement ratio of 99.51%, taking into consideration the number of policies settled during 2022-2023.
“As we continue to expand our offerings and reach, we shall double down on our strengths and customer obsession focus. We remain committed to upholding investor and customer trust, on the back of our clearly defined investment strategies and strong processes,” said Mr Bajaj.
Max Life provides consumers with comprehensive protection as well as long-term savings life insurance solutions through the use of its multi-channel distribution, which includes agency and third-party distribution partners, reported Insurance Business.