499 crores, growing 29% over the previous year, and the new business margin stood at 18.8%.īirla Sun Life Insurance has a 7.1% market share, the total premium it collected stood at Rs. The Value of New Business (VNB) written during FY2017 was Rs. 6,590 crores as on 31st March 2017 with an operating return on EV (RoEV) of 20%. 2,639 crores, growing 25% and revenues of Rs. In FY2017, the company reported individual adjusted sales of Rs. 44,370 crores as on 31st March 2017, growing 24% over last year. Max Life, India's fourth largest private life insurer has a 7.9 per cent market share with assets under management (AUM) of Rs. Parallelly, he is also believed to be negotiating with UK-based Northern Trust which manages a trillion dollar of assets and PE firm Apax Partners to sell his promoter stake of 30 per cent in Max Financial Services.
On the other hand, Singh has been open to monetising his investments. In Q1FY18, as per its management, new business premium saw 33-34% growth driven by retail segment. The absence of a strong Banca partner has been hurting Birla Sun Life's distribution with premium mix shifting towards group business (62% contribution in FY17). In the last one year, Birla Sun Life has managed to tie up with six banks, which are all much smaller.
Axis and Yes Bank, the third and fourth largest private bank in the country. The primary reason for exploring this merger is the large bank partners associated with Max i.e. The remaining 1% is held through management ESOPs.īirla's have been on the lookout for scaling their franchise for long. MFS currently holds 69% stake in Max Life, its Japanese partner Mitsui Sumitomo which owns 25% with Axis Bank owning 4.9% of the venture. MFS is the holding company for Max Life, India's largest non-bank promoted private life insurance company. Max Financial Services (MFS) was formed in January 2016, as the result of a three-way demerger of Max India. Birla Sun Life is a 51:49 JV between Aditya Birla Capital Limited (ABCL) and Canada's Sun Life. Their aim is to create one of the top 3 private life insurers in the country.
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