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.
Life Insurance company Max Financial Services announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Consolidated revenue: Rs 14,899 crore, grew by 50% YoY. Individual Adjusted First Year Premium saw an increase of 10%, compared to 2% growth in the private sector, leading to market share gain by 73 bps to 10.4%. New Business Margin (NBM): 28.6%. Value of New Business (VNB): Rs 1,973 crore, grew 1%. Operating Return on Embedded Value (RoEV): 20.2%. Assets under management (AUM): crossed Rs 1.5 lakhs crore to Rs 1,50,836 crore as on March 31, 2024, up 23% over the previous year. FY24 Financial Highlights: New Business Premium: Rs 11,023 crore, up 23%; Max Life’s private market share expanded by 61 bps, Proprietary channels grew by 28%. Gross Premium: Rs 29,529 crore, up 17% YoY Embedded Value at Rs 19,494 crore; Operating RoEV of 20.2% New Business Margin (NBM) at 26.5% with Value of New Business at Rs 1,973 crore Individual sum assured grew by 33%. Axis Bank infuses Rs 1,612 crore in Max Life and increase its stake to 19.02%. Prashant Tripathy, CEO and Managing Director, Max Life Insurance Company Limited, said, “Max Life's performance in FY24 reflects our commitment to excellence and innovation. We achieved a strong 16% YoY growth, exceeding the private industry's 8% growth. Our success stems from our consistent focus on scaling our proprietary channels, maintaining partnerships, expanding distribution with new partners, and strengthening our presence into untapped sub-categories of protection and retirement. Committed to delivering value for customers, shareholders, and partners, our clear vision propels us to be a leading force in shaping financial security's future.” Result PDF