Max Life Insurance targets double-digit growth in new business premium this fiscal

Max Life Insurance is on an expansion spree, and is implementing a comprehensive plan focussed around channels, growth, new distribution buildup and product launches, its MD & CEO, Prashant Tripathy said.

Having announced a capital raise of Rs. 1,612 crore from existing shareholder Axis Bank recently, the life insurer plans to open 100 new offices in Tier2 cities, hire 50,000 agent advisors this fiscal, besides ramping up its banca play, Tripathy told.

“Our aspiration is doubledigit growth in new business premium this fiscal. We will grow better than the industry,” Tripathy said.

Max Life’s New Business Premium (NBP) grew 25 per cent in the first quarter to touch Rs. 1,857 crore. The gross written premium was up 19 per cent at Rs. 4,871 crore.

“We are in a rush to expand our distribution, be it through our own channels, in partnership, online, or through new banks, because we believe that India has significant potential,” he said.

On the distribution front, Tripathy noted that Max Life had acquired five banks, 10 brokers and two corporate agents. “There is a lot of energy that will go towards ensuring that all these relationships start to take shape, we are going to work closely with our bank partners, Axis Bank as well as Yes Bank, to find opportunities for growth,” he said.