Max Financial Services Q1 Consolidated Revenues1 grow 14% to Rs. 2,566 Cr.
Max Life Q1 FY2018 Highlights:
- Revenues: Rs. 2,560 Cr., grew 15%
- New Sales: Rs. 554 Cr., grew 18%
- Solvency Surplus: Rs. 1,953 Cr.; Solvency Ratio: 295%
9th Aug 2017, New Delhi
Max Financial Services Ltd. (MFS) today announced financial results for the first quarter of financial year 2017-18 (Q1 FY2018). MFS, one of the only two listed companies providing pure access to the Indian private life insurance sector, reported strong financials with consolidated revenues1 of Rs. 2,566 Cr., growing 14% over the previous year.
MFS’ sole operating subsidiary Max Life Insurance reported revenues1 of Rs 2,560 Cr., growing 15% over the same period last year. In Q1, Max Life reported New Sales of Rs 554 Cr., growing 18%, while Individual Adjusted Sales totalled Rs. 458 Cr., growing 19% over last year. The company’s normalised2 Shareholders’ Profit Before Tax in Q1 was Rs. 106 Cr., in line with last year. Max Life also reported a Solvency Surplus of Rs. 1,953 Cr., with a healthy Solvency Ratio of 295% and the company’s Assets Under Management, as at 30th June 2017, stood at Rs. 45,870 Cr, making it the 5th largest fund manager among private life insurers in India.
Earlier this year, Max Life had announced its Embedded Value3, which stood at Rs. 6,590 Cr. as at 31st March 2017 with an Operating Return on EV (RoEV) of 20%. The Value of New Business (VNB) written during FY2017 was Rs 499 Cr, growing 29% over the previous year, and the new business margin stood at 18.8%.
Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “Following a year of unprecedented growth in financial year 2017, Max Life’s performance in the first quarter of financial year 2018 has laid a strong foundation for steady organic growth in the near future. In the coming months, it will be our priority to optimise market share and profitability while focusing on organic and inorganic growth opportunities.”
Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, “A robust growth of 19% in Individual Adjusted Sales further cements Max Life’s position as one of the leading life insurers in the country. While our key bancassurance partnerships including those with Axis Bank and Yes Bank continue to contribute significantly to our growth, we will pay special attention to driving profitable growth in our proprietary channels such as Corporate Agency and e-Commerce. With a strong emphasis on solvency and embedded value growth, we will continue to ensure the best returns to our stakeholders.”
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Morgan Stanley, Nomura, Temasek and Wasatch .
The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
About Max Financial Services Limited
Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.
About Max Life Insurance
Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision ‘To be the most admired life insurance company by securing the financial future of our customers’. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.
 Excludes Max Life Unit Investment Income
 Excludes the impact of One-off items from last year
 EV post final shareholder dividend
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