Max Financial Services Limited 9MFY24 Consolidated Revenue Rises to Rs 18,398 Crore, Up 16%; Consolidated PAT Grows to Rs 443 Crore, Up 11%, Max Life New Sales Grew at 18% Against 9% Private Industry Growth

Max Life Results Highlights 9MFY24:

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  Individual Adjusted First Year Premium at Rs 4,285 Crore, Up 19%, Proprietary channels grew 44%

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  Gross Written Premium at Rs 18,793 Crore, Up 16%

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  Embedded Value at Rs 18,709 Crore; Operating RoEV at ~18.6%

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  Value of New Business at Rs 1,152 Crore; New Business Margin (NBM) at 25.3%

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  Assets Under Management (AUM) at Rs 1,42,621 Crore, Up 20%

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  Axis Transaction replace: Applications have been filed for regulatory approvals. Shareholder’s and PFRDA approval obtained

Max Financial Services Limited (MFSL) as we speak introduced its monetary outcomes for the third quarter (Q3) and 9 months (9M) ended December 31, 2023. In 9MFY24, MFSL generated a consolidated income of Rs 31,720 Crore, grew 48% over the earlier 12 months, excluding funding earnings consolidated revenues grew 16%. Consolidated PAT at Rs 443 Crore, grew 11% year-on-year. In Q3FY24, Consolidated revenues^ was Rs 12,359 Cr, Up 39% and Consolidated PAT at Rs 171 Cr, down 36% y-o-y primarily due to shift in product combine.

During 9MFY24, Max Life Individual Adjusted First Year Premium grew 19% to Rs 4,285 Cr and Annualised Premium Equivalent (APE) grew 23% to Rs 4,561 Cr main to market share acquire by 59 bps to 9% and helped Max Life to regained rank #4 amongst personal gamers in 9MFY24 after a spot of 21 months. Further, the renewal premium earnings (together with group) rose 12% to Rs 11,823 Cr, taking the gross written premium to Rs 18,793 Crore, a rise of 16% over the 9 months of the earlier monetary 12 months. Proprietary channels new enterprise premiums grew by 44% 12 months on-year to Rs 1,812 Crore as outcome contribution of Proprietary channels to whole new gross sales elevated from 34% in 9MFY23 to 40% in 9MFY24. Banca channels new enterprise premiums (APE) grew by 10% to Rs 2,676 Crore in 9MFY24.

In Q3FY24, Individual Adjusted First Year Premium noticed a rise of 18%, in contrast to 9% progress within the personal sector. This progress was fuelled by robust progress in proprietary channels, Protection, Health & Annuity enterprise. Proprietary channels new enterprise premiums (APE) grew by 47% in Q3FY24 on y-o-y foundation which was pushed by each on-line and offline distribution channels. As a outcome, contribution of Proprietary channels to whole new enterprise premium elevated from 32% to 40% in Q3FY24.

In Q3FY24, Max Life launched Smart Total Elite Protection (STEP) completely for prosperous section with an Inbuilt Terminal Illness Cover and possibility to get again all premiums paid again at no value. This resulted in progress of 82% in Retail Protection and Health section in Q3FY24 and 65% in 9MFY24 on y-o-y. Group Credit Life (GCL) gross sales grew by 120% in Q3FY24 & 59% in 9MFY24. Overall safety mixes improved from 13% in 9MFY23 to 16% in 9MFY24.

Max Life’s deal with retirement led to progress of 52% within the Annuity enterprise in 9MFY24. Max Life Pension Fund Management Limited AUM elevated to Rs 507 crore as of Dec’23 in opposition to Rs 22 crore in Dec’22.

Max Life achieved Value of New Business (VNB) of Rs 1,152 Crore in 9MFY24, down 2% y-o-y. New Business Margin (NBM) stands at 25.3% in 9MFY24 Max Life reported an Embedded Value of Rs 18,709 Crore, whereas the Operating Return on EV (RoEV) over 9MFY24 stood at ~18.6%. Max Life’s belongings below administration (AUM) have been Rs 1,42,621 Crore as on December 31, 2023, Up 20% over the earlier 12 months.

Max Life has expanded distribution functionality by signing 8 new companions in 9MFY24. Max Life persistently maintained trade finest claims paid ratio at 99.51% in FY23.

Mr. Prashant Tripathy, CEO and Managing Director, Max Life Insurance, mentioned, “Building on our robust base, we delivered one other stable quarter. Innovation and increasing proprietary channels have fueled our enterprise progress within the quarter. We stay dedicated to sustainable progress by strategic partnerships and market enlargement, delivering worth to stakeholders.”

About Max Financial Services Limited

Max Financial Services Limited (MFSL) is a part of India’s main enterprise conglomerate – the Max Group. Focused on Life Insurance, MFSL owns and actively manages an 87% majority stake in Max Life Insurance, India’s largest non-bank, personal life insurance coverage firm.

The firm is listed on the NSE and BSE. Besides a 6.5% holding by Analjit Singh and sponsor household, a few of the different group shareholders embrace MSI, Ward ferry, New York Life, Capital, GIC, Baron, Vanguard, Jupiter, Blackrock, and the Asset Management Companies of DSP, Nippon, HDFC, ICICI Prudential, UTI, Motilal Oswal, Canara Robeco, Sundaram, Aditya Birla Sun Life, Mirae, and Kotak.

About Max Life Insurance Company

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is part of Max Group. Max Life gives complete safety and long-term financial savings life insurance coverage options, by its multi-channel distribution together with company and third-party distribution companions. Max Life has constructed its operations over twenty years by a need-based gross sales course of, a customer-centric method to engagement and repair supply and educated human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.