Life Insurance company Max Financial Services announced 9MFY24 results: In 9MFY24, the company generated a consolidated revenue of Rs 31,720 crore, grew 48% over the previous year, excluding investment income consolidated revenues grew 16% Consolidated PAT at Rs 443 crore, grew 11% YoY Individual Adjusted First Year Premium reached Rs 4,285 crore, marking a notable increase of 19%. Proprietary channels witnessed exceptional growth of 44%. Gross Written Premium amounted to Rs 18,793 crore, reflecting a robust growth of 16%. Embedded Value stood at Rs 18,709 crore, with Operating Return on Embedded Value at approximately 18.6%. Value of New Business reached Rs 1,152 crore, with New Business Margin (NBM) at 25.3%. Assets Under Management (AUM) totaled Rs 1,42,621 crore, showing a substantial growth of 20%. Regarding the Axis Transaction, applications have been filed for regulatory approvals, and shareholder's and PFRDA approval has been received. Prashant Tripathy, CEO and Managing Director, Max Life Insurance, said, “Building on our strong base, we delivered another solid quarter. Innovation and expanding proprietary channels have fueled our business growth in the quarter. We remain committed to sustainable growth through strategic partnerships and market expansion, delivering value to stakeholders.” Result PDF
Life Insurance company Max Financial Services announced Q2FY24 & H1FY24 results: 1. Financial Performance: - Max Financial Services recorded a consolidated revenue of Rs 19,361 crore in H1FY24, showing a growth of 54% YoY (excluding investment income). - The company's profit after tax (PAT) grew by 109% YoY to Rs 271 crore in H1FY24. - In Q2FY24, Max Financial Services achieved a consolidated revenue of Rs 10,189 crore, up 9% YoY, and a PAT of Rs 170 crore, up 176% YoY. - Max Life's Individual Adjusted First Year Premium increased by 20% to Rs 2,525 crore in H1FY24, with proprietary channels growing by 42%. - Gross written premium for Max Life reached Rs 11,496 crore in H1FY24, representing a growth of 16%. - The company's Embedded Value stood at Rs 17,911 crore, with an operating Return on Embedded Value (ROEV) of 17.5% in H1FY24. - Max Life's assets under management (AUM) grew by 18% to Rs 1,34,161 crore as of September 30, 2023. 2. Distribution Channels and Product Offerings: - In Q2FY24, Max Life witnessed a 34% increase in the number of policies, driving the growth in individual adjusted first-year premium. - Proprietary channels' contribution to total new business premium increased from 35% to 40% in H1FY24. - Max Life launched innovative product offerings, including an industry-first index fund and a health plan with a wellness ecosystem, resulting in significant growth in the retail protection and health segment. Prashant Tripathy, MD and CEO, Max Life Insurance, said, "We have continued to build upon our strong growth trajectory delivering another robust quarter. Our business growth was powered by innovation in products to address diverse customer needs, consistently strengthening and expanding our proprietary channels, and a steady momentum in our Banca channels. Our enduring commitment lies in promoting ongoing growth through strategic collaborations, forging new partnerships, and bolstering our presence in the market." Result PDF