The insurer had posted a net profit of Rs 326 crore for the April-December period of 2013-14 fiscal.

"This decline in shareholders' profit is in line with the company's overall strategy of optimising its product mix," Max Life Insurance said in a statement.

During the period, the company recorded New Business Premium of Rs 1,693 crore, a growth of 14 percent over the corresponding period last year.

The Gross Written Premium also grew 12 percent to Rs 5,447 crore. At the same time, assets under management increased by 26 percent to Rs 29,262 crore from December 2013.     

Commenting on the performance of the company, Rajesh Sud, Managing Director, Max Life Insurance, said, "Going forward, we are confident of sustained growth as we continue to differentiate in the market place on the basis of balanced product portfolio and diversified distribution through superior claims and complaint management."

Besides, the solvency ratio of the company rose to 469 percent, more than 3 times the mandatory 150 percent.

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