Press Release. Max Financial Services announces embedded value (EV) for Max Life at Rs. 6,946 cr.; return on EV (RoEV): 17 per cent

Updated - January 09, 2018 at 03:14 AM.

Business Wire India
  • Value of New Business: Rs. 204 Cr, grew 16%
  • Max Life Individual Adjusted Sales: Rs. 1,112 Cr., grew 19%
Max Financial Services LimitedEmbedded Value (EV)Max Life Rs. 6,946 Cr. *thValue of New Business (VNB)Rs. 204 Cr.thIndividual Adjusted SalesRs. 654 Cr.Rs. 1,112 Cr.Mr. Rahul Khosla, President, Max GroupChairman, Max Life“With the potential merger with HDFC Life behind us, our focus has firmly shifted to aggressively pursuing profitable growth through investments in our proprietary channels such as agency and digital, enhancing policyholder experience, leveraging our strong bancassurance partnerships and forging new distribution alliances. Wehave renewed our focus to strengthen our franchise by evaluating acquisition opportunities that have started to emerge in the insurance space.” Mr. Mohit Talwar, Managing Director, MFS“The best-in-decadeperformancethat wewitnessed in FY2017, continues in the first half of FY2018.The quality of the business across various vectors remains top quartile.The robust growth in Embedded Value and Value of New Businessreflects strong fundamentals in the existing business and a continued focus on profitablenewbusiness.All our channels are delivering a profitable growth powered by improved productivity. We have a balanced product mix with increasing contribution from protection products, which differentiates us from several of our competitors whose products are heavily skewed towards equity-linked products or are growing through cost-overruns.”About Max GroupThe Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 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 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Morgan Stanley, Nomura, Temasek and Wasatch.The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.About Max Financial Services LimitedMax Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company.MFSactively manages a majority 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.About Max Life InsuranceMax Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.For further information, please visit:Max Group:MFS:                                                               Facebook: 
* as at 30 th Sep. 2017
Published on November 13, 2017 10:45