PRNewswire
Noida (Uttar Pradesh) [India], August 14: Max Financial Services Limited has recorded consolidated revenue^ of Rs7,709 crore in Q1 FY25, a 21% growth buoyed by higher investment income. The consolidated revenue excluding investment income at Rs5,235 crore grew by 11% year-on-year during the quarter.
In Q1 FY25, Max Life Insurance Col Ltd’s (Max Life/ the Company) New Business Premium (Individual and Group) grew by 12% to Rs2,075 crore and Individual Adjusted First Year Premium grew by 27% to Rs1,260 crore leading to private market share gain by 22 bps to 8.8%. Number of new retail policies grew by 27%. Further, the renewal premium rose 10% to Rs3,323 crore, taking the Gross Written Premium to Rs5,399 crore, an increase of 11% over the previous financial year.
Max Life registered a strong increase in Profit before Tax which grew by 46% to Rs151 crore in Q1 FY25. Max Life’s Embedded value grew by 30%, standing at Rs22,043 crore, and Operating RoEV is at 14.2%. The company’s VNB grew by 3% at Rs254 crore during Q1 FY’25, vs Rs247 crore at Q1 FY’24. Further, the Total Annualised Premium Equivalent (APE) rose by 31% to Rs1,453 crore in the quarter.
Mr. Prashant Tripathy, CEO and Managing Director, Max Life, said, “At Max Life, we are committed to delivering consistent and sustainable business outcomes. Our performance in Q1 FY25 reflects this focus, with secular growth in Individual Adjusted First Year Premium and an expanded presence in the private market. These results highlight the effectiveness of our strategic priorities–scaling proprietary channels, building strong partnerships, and reaching new customer segments. As we move forward, we remain dedicated to creating lasting value for our customers, shareholders, and partners.”
In Q1 FY25, Max Life’s Proprietary channels’ Annual Premium Equivalent (APE) grew by 60% in Q1 FY25 on Y-o-Y basis secular growth driven within Agency, Cross-sell and E-commerce. The contribution of Proprietary channels to total new sales increased from 40% in Q1FY24 to 49% in Q1 FY25. The company maintained leadership position in overall E-commerce business with Rank #1, both in online Protection, and in online Savings. The new business growth was fuelled by strong growth in Protection C Health, Group Credit Life and Retail Annuity business. Protection C Health grew by 53%, Group Credit Life grew by 49% and Retail Annuity business by 42%. Additionally, Max Life has successfully on-boarded 7 new partners in Q1 FY25, including Catholic Syrian Bank Limited (CSB Bank).
Focusing on product innovation, Max Life launched a Flexi Cap Fund predominantly for the E-Commerce and Banca Customers in Q1 FY25 designed to capitalize increasing interest in Index funds. The Company also introduced the Max Life Smart Wealth Annuity Guaranteed Pension Plan – Limited Pay variant with a feature to personalize retirement planning, an industry-first initiative.
Reiterating its commitment of being a ‘people-forward’ organization, Max Life has been awarded the ‘Laureate’ honour by the Great Place to Work® (GPTW®) Institute, a distinction given to organizations that feature for the 10th year in India’s ‘Best Companies to Work For’ list. Additionally, Max Life has ranked 28th in the coveted ‘100 Best Companies to Work for in India’ list, and is placed amongst the Top 25 in ‘India’s Best Workplaces™ in BFSI’, in the Great Place to Work® (GPTW®) Institute’s 2024 study. In Q1 FY25, Max Life’s persistency performance has continued to improve with a leadership position maintained in 13-month persistency at 85.3%.
About Max Financial Services Limited
Max Financial Services Limited (MFSL) is part of India’s leading business conglomerate – the Max Group. Focused on Life Insurance, MSFL owns and actively manages an ~81% majority stake in Max Life Insurance, India’s largest non-bank, private life insurance company.
The company is listed on the NSE and BSE. Besides a 6.5% holding by Analjit Singh and sponsor family, some of the other group shareholders include MSI, Ward ferry, New York Life, Capital, GIC, Baron, Vanguard, Jupiter, Blackrock, and the Asset Management Companies of DSP, Nippon, HDFC, ICICI Prudential, UTI, Motilal Oswal, Canara Robeco, Sundaram, Aditya Birla Sun Life, Mirae, and Kotak.
About Max Life Insurance Company Limited (http://www.maxlifeinsurance.com/)
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi- channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2023-24, Max Life has achieved a gross written premium of Rs29,529 crore.
^ Includes investment income
* New business premium includes individual and group premium
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