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Max Financial Services Reports Q3 Consolidated Revenues of Rs. 4,124 Cr

Posted On: 2019-02-11 15:23:06

Max Financial Services Limited (MFS) today announced its financial results for the third quarter of financial year 2018-19 (Q3 FY2019). MFS, the holding company of Max Life Insurance (Max Life), India's largest non bank-owned life insurer, reported consolidated revenues of Rs. 4,124 Cr., growing 12% over the previous year. The Company's consolidated revenue for the first nine months (9M) of FY19 stood at Rs. 11,292 Cr., growing 16%, while the Shareholders' Profit before tax fell marginally by 4% to Rs. 375 Cr. due to planned investments in FY19 towards proprietary channel growth initiatives.

MFS' sole operating subsidiary Max Life reported revenues of Rs. 4,113 Cr., growing 12% over the corresponding quarter last year. The business also reported its Embedded Value (EV) based on market consistent methodology (MCEV) at Rs. 8,254 Cr., with an Operating Return on EV (RoEV) of 18.8%. The Value of New Business2 (VNB) written during the quarter was Rs. 466 Cr., growing 37% over the previous year while the New Business Margin3 (NBM) stood at 22.8%. The higher VNB was a result of higher sales of protection products as well as higher NBM's in the protection business. In addition, the key health vectors for the business such as conservation ratio, persistency, continued to be top quartile in the industry.

As per the Insurance Regulatory and Development Authority (IRDA) Annual Report for 2018, Max Life has recorded its highest ever Claims Paid Ratio of 98.26%.

Max Life's Assets under Management, as on 31st Dec 2018, were Rs. 58,397 Cr., 16% higher than the previous year. Despite a high base effect in 2018, Max Life in Q3 posted individual adjusted growth of 13%, outpacing the private industry growth of 10%. Proprietary channels continued to outperform bancassurance on growth, basis 9M YTD, with proprietary sales growing by 30% while banca sales also grew at a healthy 17%.

Commenting on MFS' performance, Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, "Our operating subsidiary, Max Life's financial results this quarter show an all-round improvement across metrics. The company delivered robust performance amongst listed players while outpacing industry growth, with its private market share increasing by 65 basis points for 9M YTD. We also set a higher benchmark for ourselves by achieving our highest claims paid ratio ever. While all our distribution channels exhibited a healthy growth, the e-commerce channels outshone with a growth of 76% in sales. Going forward, we plan to continue our focus on proprietary initiatives to deliver on our planned expansion agenda."

Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd. said, "With Individual Adjusted Sales growing by 21% in the nine months and a robust 35% in January, Max Life continues to flourish and cement its position as one of the country's leading life insurers. While the New Business (Total FYP) growth of 17% and a VNB growth of 37% continue to reflect our existing strengths, we will pay special attention to new business development and increased profitability. Our aim now remains set on achieving 25%-25%-25% Sales growth, New Business Margin, and Return on Embedded Value, respectively, over the next three years."

Shares of Max Financial Services Ltd was last trading in BSE at Rs.395.75 as compared to the previous close of Rs. 392.75. The total number of shares traded during the day was 41430 in over 916 trades.

The stock hit an intraday high of Rs. 405.65 and intraday low of 384.6. The net turnover during the day was Rs. 16562320.

1 Excludes Max Life Unit Investment Income

2 Value of New Business at post-overrun costs

3 New Business Margin at structural costs


Source: Equity Bulls

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