"Our aim is to gain market share, grow faster than industry"
Business Today India|August 04, 2024
Prashant Tripathy, MD and CEO of Max Life Insurance, reflects on FY24, what's in store for the life insurance company, Al interventions, and more
TEENA JAIN KAUSHAL
"Our aim is to gain market share, grow faster than industry"

IN RETAIL SALES, Max Life Insurance currently holds 9.4% market share of the private life insurance industry and upwards of 6% of the total industry. Prashant Tripathy, 53, MD and CEO of Max Life Insurance, says a delta of 5-6% above the industry will help the company gain further market share. In an interview with Business Today, Tripathy breaks down the FY24 numbers and talks about the growth drivers. Edited excerpts:

How has FY24 been for your company?

FY24 was a very successful year. On an adjusted retail sales basis, we grew at more than three times the rate of the overall industry and double the rate of the private industry.

Our policies grew by 20%. We grew 2.2 times faster than the private industry in terms of the number of policies. Overall, from a sales perspective, it was a very good year.

The value of new business (VNB) was positive, but as part of our chosen strategy, we indicated that this year we would focus more on capturing market share. Our market share in the private space has increased by 61 basis points.

Why did the VNB increase by just 1%?

This story is from the August 04, 2024 edition of Business Today India.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the August 04, 2024 edition of Business Today India.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BUSINESS TODAY INDIAView All
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 mins  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 mins  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 mins  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 mins  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 mins  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 mins  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 mins  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 mins  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024