Max Financial Services Ltd.
Q4FY23 Quarterly & FY23 Annual Result Announced for Max Financial Services Ltd.
Life Insurance company Max Financial Services announced Q4FY23 & FY23 results:
- New Business Premium for FY23 at Rs 8,960 crore, up 13%, proprietary channels grew 43%
- Gross Premium for FY23 is Rs 25,342 crore, up 13%
- Embedded Value at Rs 16,263 crore; Operating RoEV of 22.1% for FY23
- New Business Margin (NBM) for FY23 at 31.2%, up 380 bps
- Value of New Business for FY23 at Rs 1,949 crore, up 28%
- Assets Under Management (AUM) for FY23 at Rs 1,22,857 crore, up 14%
- Consolidated revenues in FY23 of Rs 31,431 crore, grew 1% mainly due to lower investment income, excluding investment income, consolidated revenues grew by 13% in FY23
- Consolidated Profit after Tax (PAT) stood at Rs 452 crore, grew 42% in FY23
- During Q4FY23, consolidated revenues grew 11% to Rs 9,934 crore, due to higher investment income
Prashant Tripathy, Managing Director, Max Life Insurance Company, said, “Through our continued focus on introducing innovative products, expanding distribution strength across channels, and driving a balanced product mix, we delivered strong growth in Q4FY23. Our commitment to accelerate channel growth remains steadfast, and we are also actively seeking strategic partnerships to further boost our market share."