Max Financial Services (MFS) posted modest numbers for Q4FY2020,with below expectations operating performance, and posted slower business growth in Value of New Business (VNB) and Annualised Premium Equivalent (APE) due to impaired collections because of the lockdown. The life insurance business, Max Life Insurance (MLIC, MFS has 72.5% shareholding) saw gross written premium (GWP) rise by 6% y-o-y, despite the lockdown, which impacted the last part of March, which typically is a seasonally important period for life insurance players. The 13th-month...