New Delhi, Delhi, India
Max Financial Services’ Consolidated PBT for Q3FY16: Rs. 127 Cr.
Max Life Operating Revenues for Q3FY16: Rs 2,243 Cr., grew 10%
Max Life shareholder pre-tax profits for Q3FY16: Rs 140 Cr., grew 92%
Max Life AUM: Rs 34,079 Cr., grew 16%
Max Financial Services Ltd. (MFS), the first company to be listed following the recently concluded demerger of the erstwhile Max India today announced its first set of financial results.
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. 2,248 Cr. and consolidated Profit Before Tax (PBT) of Rs. 127 Cr. in Q3 FY2016.
For the first 9 months of FY2016, the Company reported consolidated operating revenues of Rs. 5,916 Cr. The Company’s consolidated PBT during these 9 months stood at Rs. 373 Cr.
Max Life Insurance, the sole operating subsidiary held by MFS, continued its consistent growth trajectory in Q3FY16, with operating revenue growing 10% to Rs. 2,243 Cr. and profits before tax growing 92% to Rs. 140 Cr. over the same period last year.
The Company’s Assets Under Management (AUM) stood at Rs. 34,709 Cr. as at 31st December 2015, growing 16% over the same period last year.
With an Embedded Value of Rs. 5,363 Cr. as at 30th September 2015 and a growth of ~15% in Operating EV for H1FY2016, Max Life Insurance continues to differentiate itself in the market based on its advice based sales, diversified distribution architecture and comprehensive product portfolio which have helped it achieve profitable growth.
Commenting on the Company’s performance, Mr. Rahul Khosla, President, Max Group said, “The primary objective of the demerger was to give investors undiluted access to our life insurance business. These results clearly demonstrate the underlying strength of this business. I am confident that our commitment to core values and sound business strategy will enable us to continue delivering superior results in the future.”
Mr. Mohit Talwar, Managing Director, Max Financial Services Ltd., added, “Max Life has consistently outperformed the industry over the years and with sharper focus from MFS, I am confident we will continue on a path of sustained profitability and growth in the coming years.”
In January 2016, the Max Group concluded a mega corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. The original company was renamed Max Financial Services and the ex-demerger stock of MFS started trading from 27th January 2016. The other two demerged entities, Max India and Max Ventures & Industries, will be listed on Indian stock exchanges in March 2016.
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 72 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 head quartered global leader in life insurance.