Max Financials Services Q1 FY17 Consolidated Revenue Rises by 17%, to Rs. 2,242 Cr.

Posted on: August 8th, 2016 by admin No Comments

Q1 FY2017 Results Highlights:

  • Consolidated PBT : Rs. 139 Cr., grew 30%
  • Max Life AUM as at 30th June 2016: Rs. 37,701 Cr., grew 18%

 

8th August 2016, New Delhi

Max Financial Services Ltd. (MFS), the first company to be listed following the demerger of the erstwhile Max India, today announced impressive financial results for the first quarter of FY2016-17. MFS, which is India’s only listed company providing pure access to the life insurance sector, reported strong performance, with consolidated operating revenues of Rs. 2,242 Cr. and consolidated Profit Before Tax (PBT) of Rs. 139 Cr. in Q1 FY2017, growing 17% and 30%, respectively, over the corresponding period last year.

MFS’ sole operating subsidiary Max Life Insurance performed well on all business parameters in the first quarter, maintaining its position as the best-in-class provider of long-term savings and protection products. Max Life reported operating revenues of Rs. 2,234 Cr. in Q1 FY2017, growing 17% over the same period last year, while New Sales in the quarter increased 25% to Rs. 469 Cr. The subsidiary also reported Shareholders’ PBT of Rs. 155 Cr., 31% higher compared to last year.

Max Life’s Assets Under Management (AUM) stood at Rs. 37,701 Cr. as at 30th June 2016, growing 18% over last year.

Max Life has earlier announced its Embedded Value Rs 5,617 Cr. as at 31st March 2016, after allowing for a payout of Rs 439 Cr. as shareholder dividend (including tax on dividend) in FY2016. The Value of New Business (VNB) written during FY2016 was Rs 388 Cr. with a Portfolio New Business Margin of 18.3% (before cost overruns) and 17.9 per cent (after cost overruns).

In June 2016, the Board of Directors of Max Life Insurance Company, Max Financial Services Ltd. and HDFC Standard Life Insurance Company Ltd. (HDFC Life), at their respective meetings had approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life and Max Financial Services into HDFC Life by way of a scheme of arrangement. A definitive three-way agreement was finalized and signed earlier today in Mumbai.

The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts / NCLT, and other third party approvals, as may be applicable.


 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Temasek, Fidelity and New York Life.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max Financial Services Limited

Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a 68 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192