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%?
Bu hikaye Business Today India dergisinin August 04, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Today India dergisinin August 04, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
"Inaction is worse than mistakes"
What was the problem you were grappling with?
TEEING OFF WITH TITANS
BUSINESS TODAY GOLF RESUMES ITS STORIED JOURNEY WITH THE 2024-25 SEASON OPENER IN DELHI-NCR. THERE ARE SIX MORE CITIES TO COME
AI FOOT FORWARD
THE WHO'S WHO OF THE AI WORLD GATHERED AT THE TAJ MAHAL PALACE IN MUMBAI TO DELIBERATE THE TRANSFORMATIVE IMPACT OF AI ON INNOVATION, INDUSTRIES, AND EVERYDAY LIFE.
Decolonising the Walls
ART START-UP MAAZI MERCHANT IS ON A MISSION TO BRING INDIA'S FORGOTTEN ART BACK HOME
"I'm bringing Kotak under one narrative, one strategy, one umbrella”
Ashok Vaswani is a global banker who spent most of his career overseas at institutions like Citi Group and Barclays, among others.
CHOOSING THE CHAMPIONS
The insights and methodology behind the BT-KPMG India's Best Banks and NBFCs Survey 2023-24.
'INDIA IS AT AN EXTREMELY SWEET SPOT'
The jury members of the BT-KPMG Survey of India's Best Banks and NBFCs discuss developments in the banking sector and more
FROM CRISIS TO TRIUMPH
Dinesh Kumar Khara stewarded SBI through multiple challenges during his tenure, while ensuring that profits tripled, productivity soared, and the bank consolidated its global standing
AT A CROSSROADS
BANKS ARE FACING CHALLENGES ON BOTH SIDES OF THE BALANCE SHEET-ASSETS AS WELL AS LIABILITIES-WHICH ARE PUTTING PRESSURE ON MARGINS.
EXPANSIVE VISION
Bajaj Finance, an outlier in terms of digitisation, faces stiff competition. But it continues to expand its reach
