"Our aim is to gain market share, grow faster than industry"

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

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%?