Max Financial Services H1 FY24 PAT Grows To Rs 271 Cr, Up 109% YoY

Max Financial Services (MFSL) has generated a consolidated revenue of Rs 19,361 crore, with growth of 54 per cent year-on-year (YoY), excluding investment income consolidated revenues have grown to 16 per cent YoY.

In Q2 FY24, Consolidated Revenue is Rs 10,189 crore, up 9 per cent and consolidated profit after tax (PAT) at Rs 170 crore, up 176 per cent YoY.

In Q2 individual adjusted first year premium has seen an increase of 32 per cent, compared to 16 per cent growth in the private sector. This growth is primarily driven by a 34 per cent increase in the number of policies.

Proprietary channels new business premiums (APE) has grown by 50 per cent in Q2 FY24 and 42 per cent in H1FY24 on YoY basis which is driven by both online and offline distribution.

As a result, contribution of proprietary channels to total new business premium increased from 35 per cent to 40 per cent in H1FY24.

Banca channels new business premiums (APE) have grown by 30 per cent in Q2 FY24 and 15 per cent in H1 FY24 on YoY.  

During H1FY24, Max Life individual adjusted first year premium has grown 20 per cent to Rs 2,525 crore and annualised premium equivalent (APE) Up by 26 per cent to Rs 2,766 crore driven by growth in proprietary and banca channels.

Max Life achieved a value of new business (VNB) of Rs 663 crore in H1FY24, grew 13 per cent YoY.

New business margin (NBM) stands at 24 per cent in H1 FY24 Max Life has reported an embedded value of Rs 17,911 crore, while the operating return on EV (RoEV) over H1 FY24 stood at 17.5 per cent, improved by 180 bps YoY. Max Life’s assets under management (AUM) was at Rs 1,34,161 crore as on 30 September 2023, up 18 per cent over the previous year. 

Max Life has worked on its distribution capability by signing distribution digital partnership with AU Small Finance Bank along with 7 new partners in H1FY24.

Max Life has unveiled the industry first index fund focusing on small cap and tied to Nifty Small cap 250 quality 50 Index to cater e-commerce and banca customers. This fund has crossed Rs 100 crore AUM in 40 days since its introduction.

Max Life’s retirement segment growth stood at 217 per cent in the annuity business in H1 FY24. Max Life Pension Fund Management Limited AUM increased to Rs 409 crore as of 30 September 2023 as against Rs 16 crore in September 2022.