Max Financial Services PAT rises 42 percent to Rs.452 crore in FY23

Max Financial Services Limited (MFSL) reported consolidated revenues of Rs.31,431 crore, mainly due to lower investment income; excluding investment income, consolidated revenues grew 13 percent in FY23. Consolidated Profit after Tax (PAT) stood at Rs.452 crore, grew 42 percent in FY23. During Q4FY23, consolidated revenues grew 11 percent to Rs.9,934 crore.

During FY23, Max Life total new business premium (individual and group) increased 13 percent to Rs.8,960 crore. In addition, the renewal premium income (including group) grew 13 percent to Rs.16,382 crore, taking the gross premium to Rs. 25,342 crore, an increase of 13 percent over the previous financial year. In Q4FY23, Max Life New Business Premium grew by 27 percent to Rs. 3,320 crore. driven by outperformance in proprietary channels.

Max Life achieved the highest New Business Margin (NBM) of 31.2 percent in FY23, improved by 380 bps over corresponding previous period. Value of New Business (VNB) grew at 28 percent to Rs 1,949 crore in FY23. Max Life reported an Embedded Value of Rs. 16,263 crore, while the Operating Return on EV (RoEV) improved by 290 bps to 22.1 percent year-on-year. Max Life's assets under management (AUM) were Rs.1,22,857 crore as on March 31, 2023, a rise of 14 percent over the previous year.

Max Life has secured 4 new distribution partnerships with DCB Bank, Tamilnad Mercantile Bank, Ujjivan Small Finance Bank, Capital Small Finance Bank and 6 new renowned Brokers in FY23. Max Life also inked pact with the Indian Industries Association to provide life insurance plans to the Micro, Small, and Medium Enterprises sector's workforce in Uttar Pradesh, as part of its drive on IRDAI's State Insurance Plan.

Max Life was recognized as one of the Best BFSI Brands by Economic Times in 2022 and ranked among the top two best performing companies on Net Promoter Scores in an industry benchmarking study (Insurance CuES 2023) by Hansa research.

Max Financial Services Limited (MFSL) is part of the Max Group. Focused on Life Insurance, MSFL owns and actively manages an 87 percent majority stake in Max Life Insurance. The company is listed on the NSE and BSE. Max Life is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. As per public disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium of INR 22,414 crore.