Noida (Uttar Pradesh) [India], October 20 (ANI/NewsVoir): Max Financial Services Limited (MFSL) today announced its financial results for the second quarter (Q2) and H1 (first half) of the financial year FY23.

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.

New Delhi [India], January 29 (ANI/NewsVoir): Max Financial Services Limited (MFSL) today announced its financial results for the quarter (Q3) and nine months of the financial year FY22 (9MFY22).

New Delhi Delhi India NewsVoir Max Life Results Highlights 9MFY22 Total Assets Under Management AUM Rs 102471 Cr Up 21 Gross Written Premium Rs 14415 Cr Up 21 Embedded Value at Rs 13412 Cr Operating RoEV at 192 Value of New Business at Rs 942 Cr Up 20 Max Financial Services Limited MFSL today announced its financial results for the quarter Q3 and nine months of the financial year FY22 9MFY22 During 9MFY22 MFSL reported consolidated revenues of Rs 14160 Cr a growth of 21 from the corresponding year-ago period The consolidated Profit Before Tax PBT in 9MFY22 stood at Rs 236 Cr lower as against previous year primarily due to COVID-19-related provision in 9MFY22 and one-off items in the same period last year MFSLs sole operating subsidiary Max Life continued its growth journey by maintaining a 5-year CAGR of 18 on Individual New Business compared with 13 5-year CAGR of the top 3 listed life insurers It has also consistently been a part of the top quartile of life insurers in India Further Max Life New Business sales on APE basis grew 23 on a year-on-year basis to Rs 3751 Cr in 9MFY22 and 30 to Rs 1594 Cr in Q3FY22 majorly driven by strong growth across channels Further the renewal premium income including group rose 19 to Rs 9128 Cr from Rs 7669 Cr in the year-ago period This propelled a 21 increase in gross written premium to Rs 14415 Cr in 9MFY22 from Rs 11192 Cr in FY21 This strong performance was despite a more severe impact of the second wave of COVID-19 compared with the first wave Claim experiences were higher than expected across all lines of businesses with significantly higher variance for Protection and Group businesses Max Life maintained its 4th rank in the private industry In terms of industry performance on 2-year CAGR Max Life surged 16 compared with the 11 growth in the overall private industry Max Life has maintained a sharp focus on balanced product mix which has aided a 20 growth in the Value of New Business VNB to Rs 942 Cr in 9MFY22 from Rs 788 Cr in the year-ago period VNB grew at a CAGR of 27 over last five years The higher growth in VNB figures was due to higher sales and change in business mix thus highlighting the strong growth momentum of Max Life The New Business Margin NBM for 9MFY22 was 251 and in line with the FY21 margins Max Life reported an Embedded Value EV of Rs 13412 Cr in 9MFY22 an uptick of 19 from Rs 11723 Cr in the year-ago period driven by growth in value of new business and quality of in-force business The Operating Return on EV RoEV in 9MFY22 stood at 192 a spurt of 120 basis points The Assets Under Management AUM in the first nine months of FY22 advanced 21 to Rs 102 trillion from Rs 84724 Cr in the year-ago period Max Life conducted the India Retirement Index Study IRIS in partnership with Karvy Insights Indias Retirement Index stood at 44 in terms of health and financial preparedness and is a key retirement concern amongst Indians It also released its ESG Report 2021 during the quarter under review which focuses on the companys transition to become one of the most sustainable workplaces that provide a conducive environment for the growth of its employees Lastly following the appointment of Max Life as a Sponsor of the Pension Fund the formation of the subsidiary is underway and it has sought IRDAIs permission to set up a new company PFM in line with the regulatory requirements Mr Mohit Talwar Managing Director Max Financial Services said Our robust performance in 9MFY22 and Q3FY22 was driven by our growth in proprietary channels spurt in Banca channels and continued leadership in protection sales in e-commerce Our constant endeavors towards customers through innovative products such as the Smart Wealth Income plan in Q3 FY22 worked well for us despite the immense pressure on the overall sector due to the COVID-19 provisioning He added Further the launch of our ESG Report highlights the vision and mission of the company to become one of the most sustainable workplaces in the time and we are looking forward to it About Max Financial Services Limited Max Financial Services Limited MFSL is part of Indias leading business conglomerate - the Max Group Focused on Life Insurance MSFL owns and actively manages an 8183 majority stake in Max Life Insurance Indias largest non-bank private life insurance company MFSL recorded consolidate revenues of Rs 31288 Cr during FY21 and a Profit After Tax of Rs 560 Cr The company is listed on the NSE and BSE Besides a 147 holding by Analjit Singh and sponsor family some of the other group shareholders include MSI Ward Ferry New York Life Baron Vanguard Jupiter Blackrock and the Asset Management Companies of Nippon HDFC ICICI Prudential Motilal Oswal Aditya Birla Sun Life Mirae DSP and Kotak About Max Life Insurance Company Max Life is the sole operating subsidiary of Max Financial Services Limited Max Life - a part of the 4-Bn Max Group an Indian multi business corporation - is Indias largest non-bank private life insurer and the fourth largest private life insurance company On April 6 2021 Axis Bank Limited Indias 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 1299 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 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 358 branch units across India as of March 31 2021 Excluding investment income Annual Premium Equivalent APE is calculated as 100 of regular premium 10 of single premium Before COVID impact PWR PWR

New Delhi [India], November 10 (ANI/NewsVoir): Max Group, India's leading multi-business conglomerate, today announced that Mohit Talwar, Managing Director of Max Financial Services Limited - one of the three holding companies of the group - will continue with his role for another year till January 15, 2023.