FINANCIAL SERVICES CONSOLIDATED PAT RISES 105%; MAX LIFE INDIVIDUAL APE
GROWS 19%, VALUE OF NEW BUSINESS AT RS 1,249 CR, GREW 39% TAKING THE
EMBEDDED VALUE TO RS 11,834 CR
Max Financial Services has issued its Q4 results which includes Max Life Insurance’s
robust performance for FY21
Max Life Results Highlights (FY21):
• Individual APE: Rs 4,907 Cr, Up 19%
• Gross Written Premium: Rs 19,018 Cr, Grew 18%
• Embedded Value at Rs 11,834 Cr; Operating RoEV at 18.59%, including non-operating variances RoEV at 22.4%, impacted by Covid-19 provisions.
• Value of New Business at Rs 1,249 Cr, grew 39%, almost doubled in 3 years.
• Total Assets Under Management (AUM): Rs 90,407 Cr, Grew 32%
Below is a quote by Prashant Tripathy, Managing Director & Chief Executive Officer, Max Life Insurance:
“Our stellar performance in FY’21 is a milestone for the company. In a tough year, we outpaced the private life insurance industry on the back of exceptional digital agility, distribution excellence, and product innovation strength. A balanced product mix of traditional savings cum protection plans, unit-linked plans, and pure protection products has delivered robust sales growth and margin expansion, in turn enabling highest-ever overall sales and VNB. We are also proud of our relationship with Axis Bank reaching newer heights with the joint venture partnership and look forward to elevating and redefining the experience for our customers through seamless processes, differentiated products, and wider reach.
Our distribution network including e-commerce, bancassurance partners, and agency channels worked seamlessly during the pandemic to help customers realize their financial protection needs. We have been able to achieve the highest ever individual new business sum assured in FY’21 and a decade-high private market share of 10.8% in terms of Individual adjusted FYP. And while we remain committed to maintaining positive business momentum, our efforts are currently focused on providing support against Covid-19 to all our employees and advisors.”