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Synopsis

Since September 2010, after the implementation of new ULIP guidelines, Max New York Life performed significantly better than the industry average reflecting the inherent strengths of the company's business model.

Company Performance

Financial Highlights for the year ended March 31, 2011 are as under:

Synopsis

Company Performance

• Ranked among top quartile in all categories of funds in Outlook Money ranking of best ULIP funds managed by Life Insurance Companies.
• Awarded Commendation Certificate for Business Excellence by CII EXIM for second year in a row.
• Awarded Asia Insurance Industry Innovation Award 2009.
• Ranked among top 3 in Asia Insurance Industry Life Insurance Company of the Year Award 2009.
• Received the 2009 CIO 100 Award for technology implementation.
• Launched 8 new products; revamped ULIPs portfolio by launching 6 new ULIPs.
• Consolidated multi-channel distribution - More than 72,000 agent advisors across 705 offices in 391 cities; 60 bancassurance relationships and 48 partnership distribution tie-ups.
• Brand Awareness score for Max New York Life Insurance touched 89%, a jump of 13 percentage points.

Financial Highlights
Highlights for the year ended March 31, 2010 are as under:

Synopsis

Company Performance

• Ranked 1^st in Outlook Money ranking of best ULIPs offered by Life Insurance Companies.
• Awarded Certificate for Business Excellence by CII EXIM.
• Launched 'Max Vijay', an initiative to offer insurance and savings product to the financially underserved segment of India.
• Received the Golden Peacock Award for Innovation - 2008.
• Received the 2008 CIO 100 Award for technology implementation.
• Entered the Health and Retirement Benefits Insurance Segment.
• Presence expanded to 705 offices and 84651 Agents.

Financial Highlights
Highlights for the year ended March 31, 2009 are as under:

Synopsis

Company Performance

• Ranked among top 3 in Asian Life Insurance Co. of the Year award 2007 by Asia Insurance Review.
• Launched a Dedicated Operations Centre to further enhance customer experience.
• Sold more than 2 million policies.
• Presence expanded to 194 offices and over 36750 Agents.

Financial Highlights
Highlights for the year ended March 31, 2008 are as under:

Synopsis

Company Performance

• MNYL considerably expanded the network of distribution channels. The number of agents and sales offices increased from 15,285 and 108, respectively, in the year ended March 31, 2006 to 25,048 and 172, respectively, in the year ended March 31, 2007.
• The company got into 4 new corporate agency tie-ups during the year taking the total of such distribution arrangements to 14.
• The bancassurance distribution channel grew to 17 relationships with the access to over 350 branches across over 40 locations.
• Number of Direct Sales Offices expanded from 4 offices across 4 locations as on March 31, 2006 to 10 offices across 8 locations as at March 31, 2007. The 500 strong sales force sets new standards in productivity, with both case rate as well as case size doubling vis-à-vis previous year.
• The agency distribution channel, which was the primary distribution channel for the company, recorded a growth of 106% with sales of Rs. 650 crore. This growth was made possible through increased geographical coverage, and better penetration in the existing geographies. Productivity of MNYL's agents also improved.

Financial Highlights
Highlights for the year ended March 31, 2007 are as under:

Synopsis

Company Performance

• Strong Agency sales performance with new sales record of Rs. 313 crore, up from Rs. 170 crore in the previous year, a growth of 84%.
• MNYL Agents displayed the highest productivity rates in the industry. 201 agents qualified for MDRT this year as against 126 agents in the previous year, placing MNYL among the top 50 Life Insurance companies globally.
• MNYL had grown its corporate agency channel by 145% and this channel contributed 24% of the company's new business with a sale of Rs. 112 crore in the FY 2005-2006. The partnership with large Corporate Agents reached out to customers across 200 semi urban and rural towns. This catapulted MNYL's effort in terms of customer creation and fulfilling MNYL's rural and social targets.
• MNYL signed 9 new Bancassurance relationships and ramped up its rural business significantly. It set up 2 area offices and 12 branch offices in rural areas. MNYL now had 15 bancassurance partnerships with access to 253 branches and 3.1 million customers across 25 locations.
• The Direct sales team channel was strengthened with the launch of 3 new offices taking the direct sales team office count to 4.
• Successful launch of service centres across 9 cities.

Financial Highlights
Highlights for the year ended March 31, 2006 are as under: