(‘MFSL’ or ‘the Company’) is a part of the $3.2 billion Max Group. It owns and actively manages a majority stake in Max Life Insurance Company Limited (Max Life), India’s largest non-bank owned, private life insurance company. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan-headquartered global leader in life insurance. After the demerger of the erstwhile Max India Limited in January 2016, MFSL became the first listed company in India focussing exclusively on life insurance, thus providing an opportunity for Indian investors to get access to a unique pure life insurance business. The Company currently holds 71.79% stake in Max Life as on date of this report.
In FY 2018-19, MFSL reported consolidated revenues of ` 19,501 crore, with an encouraging growth of 19% over the previous year. The Company reported consolidated Profit after Tax of ` 416 crore, 6% lower compared to the previous year, largely due to one-time expenses for pursuing an inorganic opportunity for Max Life and fair valuation impact as per the recently introduced accounting methodology, IndAS.
MFSL’s sole operating subsidiary, Max Life, demonstrated Individual Adjusted Sales of ` 3,880 crore in FY 2018-19, growing 21% over the previous year. Key growth drivers for Max Life were growth of 29% in proprietary channels, growth of 17% in agency channels, 39% growth in customer advisory team channels and e-commerce growth of 73%. Bancassurance grew by 18%, driven by the growth of Axis Bank at 15% and Yes Bank at 34%. Max Life’s Renewal Premium stood at ` 9,415 crore, increasing 15% over the previous year, while Shareholders’ Profit Before Tax was ` 623 crore, marginally higher than the previous year, mainly due to higher investment income, better mortality experience and reserves realignment due to change in operating assumptions.
- 20182018 (Consolidated)2018 (Standalone)
- 6th November 2019
Max Financial Services H1fy20 Consolidated Revenue1 Grows 10% To Rs. 8,635 Cr.; Max Life Reports Strong Growth In Sales, Value Of New Business And Margin
- 6th August 2019
Max Financial Services Embedded Value at Rs. 9,314 Cr., grows 22% y-o-y. Mitsui Sumitomo Insurance to Acquire 21.45% Stake in MFS via Swapping its 19.98% stake in Max Life Insurance.
- 28th May 2019
Max Financial Services reports Consolidated Revenues of Rs. 17,538 Cr. in FY2019, grows 17%; Max Life Embedded Value at Rs 8,938 Cr., Operating RoEV 22%
- 11th February 2019
Rahul Khosla to transition from Group President to a Group Advisor role in line with agreed plans
- 11th February 2019
Max Financial Services Reports Q3 Consolidated Revenues of Rs. 4,124 Cr., growing 12%
- 14th November 2018
Max Financial Services reports Q2 Consolidated Revenues1 of Rs. 4,075 Cr., growing 18%
- 6th August 2018
Max Financial Services reports Q1 Consolidated Revenues1 of Rs. 3,099 Cr., growing 21%
- 23rd July 2018:
Analjit Singh Appointed as Non-Executive Chairman on the Board of Max Financial Services Limited
- 25th May 2018:
Max Financial Services reports Consolidated Revenues of Rs. 14,967 Cr. in FY2018, grows 15%;
Max Life Embedded Value at Rs 7,509 Cr., Operating RoEV 20.6%
- 25th May 2018:
Sahil Vachani Appointed as Director on the Boards of Max Financial Services and Max Life Insurance
- 9th August 2017:
Max Financial Services Q1 Consolidated Revenues1 grow 14% to Rs. 2,566 Cr.
- 31st July 2017:
Max merger with HDFC Life called off
- 30th May 2017:
Max Financial Services reports strong performance in FY2017
- 10th February 2017:
Max Financial Services reports strong Q3 performance; PAT grows 52% to Rs. 160 Cr.
- 25 th November 2016:
Max Financial Services announces Embedded Value (EV) for Max Life at Rs. 6,204 Cr.*; Return on EV (RoEV): 22%
- 4th November 2016:
Max Financial Services Consolidated Profit Before Tax for the half year ended September 2016 grew 27% to Rs. 313 cr.