Life Insurance company Max Financial Services announced Q2FY25 & H1FY25 results Revenue in H1FY25 rising to Rs 25,178 crore. Q2FY25 Max Life Insurance’s total APE grew 31% and VNB by 23%. New Business Premium: Rs 5,091 crore, up 19%; Proprietary channels APE grew by 51%. Gross Written Premium: Rs 13,137 crore, up 14% YoY. Embedded Value at Rs 23,338 crore, grows 30%: Operating RoEV of 16.8%. Individual New Business Sum Assured grew by 40%. Assets Under Management (AUM) at Rs 1,70,144 crore, up 27% Prashant Tripathy, CEO and Managing Director, Max Life, said: “The H1FY25 strong business results affirm our strategic focus on expanding proprietary channels, deepening partnerships, and unlocking new customer opportunities. Our continued investments and strong execution capabilities have resulted in sustained momentum across all our channels. In Q2FY25 we outperformed both private sector and the overall industry growth on the back of strong growth in our Individual Adjusted First Year Premium sales while reporting healthy profitability outcomes. As we continue on this growth trajectory, we are excited about the new refreshed identity powered by the synergy between Axis Bank and Max Life that will further enable us to go beyond urban and tier 1 cities. This new identity will harness the strengths of both partners, reinforcing the ‘Bharosa’ we inspire in our customers, employees, investors, and stakeholders as we move into the future.” In H1FY25, Max Life’s Proprietary Channels Annual Premium Equivalent (APE) grew by 51% on YoY basis secular growth driven within Agency, Cross-sell and E-commerce. The contribution of Proprietary channels to total new sales increased from 40% in H1FY24 to 46% in H1FY25. The company maintained leadership position in overall E-commerce business in both online Protection, and online Savings. The new business growth was fuelled by strong growth in Protection & Health, ULIP and Group Credit Life. Protection & Health grew by 54%, Group Credit Life grew by 34% in H1FY25. Additionally, Max Life has successfully on-boarded 20 new partners in Q2FY25, including India Post Payments Bank. In Q2FY25, in order to be complaint with IRDAI’s surrender regulations Max life successfully relaunched 98% of its products for sale without any impact on new business. Continuing on product innovation, Max Life launched another Nifty 500 momentum 50 fund predominantly for the E-Commerce Customers in Q2FY25 designed to capitalize increasing interest in Index funds. Retirement is Max life’s one of the strategic focus areas. In this direction, Max life recently launched the findings of the 4th edition of its flagship retirement study - India Retirement Index Study (IRIS 4.0) which gauges India’s retirement preparedness. The IRIS 4.0 findings reveals that Urban India's retirement preparedness has increased from 47 points in IRIS 3.0 to 49 points in IRIS 4.0, driven by greater awareness and proactive steps in both health and financial planning. In Q2FY25, Max Life’s persistency performance has continued to improve with a leadership position maintained in 13-month persistency (basis number of policies) at 85.3%. Result PDF
Conference Call with Max Financial Services Management and Analysts on Q2FY25 Performance and Outlook. Listen to the full earnings transcript.
Conference Call with Max Financial Services Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.