• Max India Demerges Into Max Financial Services, Max India
    and Max Ventures & Industries
  • Max Life Embedded Value (FY15) INR 5,262 Cr. | RoEV: 28.1%
  • Max Life Operating Revenue Up 11% in Q2FY2016
Investor Relations


(‘MFSL’ or ‘the Company’) is a part of the $2.5 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 72.52% stake in Max Life.

In FY 2019-20, MFSL reported consolidated revenues of ` 18,242 crore, down 7% over the previous year, due to volatility in capital markets in Mar’20 because of COVID. The Company reported consolidated Profit after Tax of ` 273 crore, 34% lower compared to the previous year, largely due to shift in product mix towards Non-Par products, investments in proprietary channel, provision for impairment and one-time tax expense on settlement of tax dispute.

MFSL’s sole operating subsidiary, Max Life, demonstrated Individual Adjusted Sales of ` 4,116 crore in FY 2019-20, growing 5% over the previous year, full year growth impacted by COVID-19 in Mar’20, but Max Life preserved its market share at 10%. Proprietary channel delivered 10% growth in FY20 faster than Banca growth of 3% on an APE basis. Share of proprietary channels in sales increased to ~31% in FY20 from 29% in FY19. Axis bank delivered 5% growth in FY20, though Yes Bank’s sales was down by 2% in FY20. Overall Protection sales (including Individual & Group) grew 42% y-o-y.

Max Life’s Gross Written Premium (GWP) grew a strong 11% to Rs. 16,184 Cr and Renewal Premium stood at ` 10,600 crore, increasing 13% over the previous year. Shareholders’ Profit Before Tax was ` 595 crore, marginally down 4% than the previous year, largely due to shift in product mix towards Non-Par products, investments in proprietary channel and provision for impairment.

Max Life’s MCEV (Post dividend payout) as at 31st Mar 2020 at Rs. 9,977 Cr, operating RoEV at 20.3%. Structural NBMs (pre-cost overrun) have expanded by 180 bps to 24.3%, however Actual NBMs (post cost overrun) at 21.6% are in line with previous year. Value of New Business (post overrun) has grown 5% to Rs 897 Cr driven by increase in proportion of Non-Par savings business but partly offset by lower new sales growth and acquisition cost overrun.



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  • 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.

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