Noida (Uttar Pradesh) [India], August 2 (ANI/NewsVoir): Max Financial Services Limited (MFSL) today announced its financial results for the quarter (Q1) and the financial year FY23.
During Q1FY23, the Company reported consolidated revenues^ of Rs 4,003 Crore, grew 17 per cent year-on-year. The Company recorded a Consolidated Profit after Tax of Rs 68 Crore, up 91 per cent year-on-year, owing to lower tax expense than previous year.
During the first quarter of FY23, Max Life delivered a strong performance on new business premiums (on APE basis) as it achieved a 15 per cent jump to Rs 1,009 Crore from Rs 875 Crore in the year-ago period, driven by strong growth in proprietary channels. Proprietary channels new business premiums grew by 32 per cent year-on-year to Rs 342 Crore as result contribution of Proprietary channels to total new sales increased from 30 per cent to 34 per cent in Q1FY23.
Further, the renewal premium income (including group) rose 17 per cent to Rs. 2,619 Crore, taking the gross written premium to Rs 4,103 Crore, a spurt of 18 per cent over the first quarter of the previous financial year. Max Life grew at 3 year CAGR of 14 per cent outpacing both private and total industry which grew by 13 per cent and 11 per cent respectively
Max Life achieved New Business Margin (NBM) of 21.1 per cent in Q1FY23, an increase of 140 bps due to better margins of new products across categories and sales growth and the Value of New Business (VNB) was Rs 213 crores, an annual growth of 23 per cent. Max Life operating expenses (policyholders) to net premium ratio improved from 17.4 per cent in Q1FY22 to 16.9 per cent in Q1FY23 due to effective cost management efforts and higher business growth. Max Life reported an Embedded Value of Rs 14,152 crore, while the Operating Return on EV (RoEV) over Q1FY23 stood at 13.5 per cent.
Max Life's assets under management (AUM) were Rs 1,07,140 crore as on June 30, 2022, Up 14 per cent over the previous year.
Lastly, following the appointment of Max Life as a 'Sponsor' of the Pension Fund, Max Life Pension Fund Management Limited was incorporated and registered with the Ministry of Corporate Affairs in Feb'22. The entity received certificate of registration in Apr'22 and expected to commence operations from Q2 FY23.
Max Life recognized among Best BFSI Brands 2022 by The Economic Times, selected among India's Most Trusted Brand 2022 by WCRC international.
Mohit Talwar, Managing Director, Max Financial Services, said, "Driven by proprietary growth and product innovation, we have registered a healthy growth in Q1, FY23. Our consistent effort lies in increasing numbers across our channels through new products and optimizing their mix."
Max Financial Services Limited (MFSL) is part of India's leading business conglomerate - the Max Group. Focused on Life Insurance, MSFL owns and actively manages an 81.83 per cent majority stake in Max Life Insurance, India's largest non-bank, private life insurance company.
The company is listed on the NSE and BSE. Besides a 14.7 per cent holding by Analjit Singh and sponsor family, some of the other group shareholders include MSI, Ward ferry, New York Life, 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.
Max Life is the sole operating subsidiary of Max Financial Services Limited. Max Life - a part of the $4-Bn Max Group Max group, an Indian multi business corporation - is India's largest non-bank private life insurer and the fourth largest private life insurance company.
On April 6, 2021, Axis Bank Limited, India's third-largest private sector bank, together with its subsidiaries Axis Capital Limited and Axis Securities Limited (collectively referred to as "Axis Entities") became the co-promoters of Max Life. This was after completion of the acquisition of 12.99 per cent stake collectively by the Axis Entities in Max Life.
Under the deal, the Axis Entities have a right to acquire an additional stake of up to 7 per cent in Max Life, in one or more tranches, subject to regulatory approvals.
Max Life offers comprehensive protection and long-term savings solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. It has 346 branch units across India.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)