Max India Group crosses USD 1 billion mark in revenue
- Embedded Value of Life Insurance Business at Rs. 2,284 crore, up 74%
- Max New York Life’s Assets Under Management grow 51% to USD 1.2 billion
- Max India Group companies win premier industry accolades for innovation, business excellence, performance and trust
- International Finance Corporation invests Rs. 150 crore in Max India
- Max India bolsters Corporate Governance across the Group
New Delhi, June 26, 2009: Max India Ltd. today announced its results for the year ended March 31, 2009. The Company continues to maintain a high growth trajectory.
The overall consolidated revenue for the year ended March 31, 2009 stood at Rs. 4,891 crore against Rs. 3,611 crore in the corresponding previous period, growing 35% year-on-year. The revenue growth is supported by a strong business performance with the Embedded Value of its Life Insurance subsidiary, Max New York Life, showing a healthy Y-o-Y growth of 74% to stand at Rs. 2,284 crore. MNYL’s Assets Under Management witnessed an increase from Rs. 3575 crore in FY 08 to Rs 5405 crore in FY 09, a growth of 51%. The financial year also saw a marked increase in the total customer base of the Company from 2.5 million to 3.5 million compared to corresponding last year.
Speaking on Max India Group’s performance, Mr. Analjit Singh, Chairman & Managing Director, Max India Limited, said, “We are delighted to have crossed the USD 1 billion revenue mark for the Group. The year has been satisfactory in terms of our business performance and we anticipate an even better growth gradient going ahead as the economy revives. What pleases me the most is the constant external recognition for enduring business performance and service excellence, which are our key commitments.”
- Gross Premium Income of Max New York Life at Rs. 3,857 crore, Up 42%.
- Max New York Life outperforms life insurance industry growth – Market Share amongst private life insurers improves from 5% to 6%.
- Max Healthcare awarded land by Govt. of Punjab to build hospitals in Bathinda & Mohali with 300 beds each under public private partnership by 2011 – to add 1,200 beds across network by FY12.
- Max Bupa on course to start operations in next 12 months.
Commenting on the value creation in the life insurance business, Mr. Anuroop (Tony) Singh, Vice Chairman, Max India Limited, added, “As a part of our continued commitment towards building trust through transparency, we have voluntarily disclosed the embedded value of our life insurance business, which has grown a healthy 74% to Rs. 2,284 crore.”
The Group’s companies won several awards and recognitions during the course of the Financial Year, a testament to their focus on Performance & Service Excellence. Some of these were the Golden Peacock award for innovation; CII-Exim Bank Commendation Certificate for Business Excellence; Gallup Great Work Place Award 2009; Mecrer-TNS ‘7th Best Company to Work For’ for MNYL and ‘Economics of Quality Award’ from Quality Council of India for MHC, which also became the first in North India to get National Accreditation Board for Hospitals and Healthcare providers award.
During the year, as a part of its commitment to build highest trust levels in stakeholders, Max India Group actioned some significant Corporate Governance initiatives by appointing a Vice Chairman and some globally renowned domain experts on Group companies Boards.
Mr. Anuroop (Tony) Singh has been appointed as Vice Chairman (Non- Executive) of Max India Limited. He was previously the CEO & Managing Director of Max New York Life since its inception. Earlier, he has held leadership positions at ANZ Grindlays Bank; Bank of America and American Express. Noted economist, Dr. Omkar Goswami has been appointed as an Independent Director on the Board of Max New York Life and Max Healthcare has appointed Dr. Ajit Singh as an Independent Director on its Board. Dr. Ajit Singh has a rich 20 years of experience at Siemens in various roles, most recently as the CEO of the Image & Knowledge Management Business Group of Siemens Healthcare.
Additionally, Ms. Marielle Theron has been appointed as Non- Executive Director at Max New York Life. Ms. Theronn previously headed Business Development & Strategy, Asia, for Swiss Re Life & Health, a large global re-insurer. Mr. Tony Coleman has been appointed as Business Advisor to the Group and a permanent invitee to the Max India board. He is currently Chairman of Enterprise & Financial Risk committee of the International Actuarial Association. Internationally acclaimed Management Guru, Mr. Ram Charan has been retained to facilitate the strategic dimensions of the Group.
The Max India Group will continue to invest in growth and performance. Max Bupa Health Insurance Limited, a Joint Venture between Max India and UK-based Bupa Group, is on course to start operations in the next 12 months. The Company has put in place its top management team headed by its CEO, Dr. Damien Marmion. The healthcare business is set to expand from 800 beds to 2000 beds in the next 3 years. Max Speciality Products is slated to expand its production capacity of BoPP films by 69%, to achieve 49,000 TPA in the near future.
About Max India
Max India Limited is a multi-business corporate, driven by the spirit of Enterprise and focused on People and Service oriented businesses. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a Joint Venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a Joint Venture between Max India and Bupa Finance Plc., UK which is set to launch after statutory approvals; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in Speciality Products manufacture for the packaging industry through Max Speciality Products (MSP).
This release is a compilation of financial and other information all of which has not been subjected to audit. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.
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Head – Communications
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228