Money & Banking

Max Financial profit up 26% in Q2

Our Bureau. New Delhi | Updated on October 30, 2020 Published on October 30, 2020

Max Financial Services (MFS), on Friday, reported a 26 per cent increase in consolidated net profit for the second quarter ended September 30, 2020, at ₹81 crore.

Aided by higher investment income, consolidated revenues grew 50 per cent year-on-year to touch ₹7,020 crore for the quarter ended September 30.

The bottomline performance for the quarter under review was bolstered by reversal of impairment loss on investments.

Meanwhile, Max Life Insurance, which is a subsidiary of MFS, reported shareholders’ Profit after Tax (PAT) of ₹ 26 crore, down 70 per cent over the same quarter in the previous year.

Commenting on the financial performance of Max Life Insurance, Prashant Tripathy, MD and CEO, Max Life, said in a statement: “The pandemic has presented the world with unprecedented challenges and uncertainties. For the life insurance industry, the situation has further re-emphasised the importance and the need for protection. A 40 per cent y-o-y growth in Individual New Business Sum Assured and 82 per cent increase in Individual Protection for Max Life in H1 FY21 is a testament to the growing customer focus towards securing the future of their loved ones. On the back of consistent H1 performance, Max Life’s emphasis will remain on increasing protection penetration, rebalancing product mix, and long-term transformational initiatives across agency, technology and customer obsession.”

Mohit Talwar, Vice-Chairman, Max Group and Managing Director, MFS, said: “Despite the prolonged headwinds caused by a global pandemic, Max Life clocked in an overall growth of 4 per cent, with an impressive surge in its e-commerce sales and those in bancassurance. This further solidifies our focus on bolstering our digital channels while we build up sales in our proprietary and agency channels. The company also continues to maintain its top position among competitors with an unprecedented 11 per cent private market share – the highest in the last decade.”

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on October 30, 2020
This article is closed for comments.
Please Email the Editor