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Max Life Insurance private sector insurance company has proposed first ever dividend for its shareholders. This development has come after including a foreign partner. "The board has in-principle agreed for an interim dividend for its shareholders for the half-year ending September 2012, subject to requisite approvals," Max Life Insurance CEO and Managing Director Rajesh Sudtold reporters. Drawing comfort from the fact that the company has been making profit consecutively for the past 3 years, the board recently in-principle approved an interim dividend, he said. The company incorporated in 2000 has completed 12 years of its operation with asset under management of over Rs 17,000 crore as of March 2012. During 2011-12, the company recorded a 159 per cent jump in enterprise profit to Rs 733 crore while total revenue increased by 10 per cent to Rs 6,391 crore. As of March 2012, the paid-up capital of the joint venture insurance firm promoted diversified conglomerate Max India and Mitsui Sumitomo Insurance of Japan stood at Rs 2,127 crore. Max Life Insurance has becomes the fourth private life insurer to announce dividend. Other three companies, which have given dividend to their shareholders, include Bajaj Allianz Life Insurance Co Ltd, SBI Life, ICICI Prudential Life and Birla Sun Life Insurance. Asked if the company would consider for listing on the bourses, Sud said "Max Life is not looking at initial public offer in the foreseeable future."
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