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Max Financial Services Limited on Tuesday reported a 57 per cent increase in consolidated net profit for the financial year ended March 31, 2017 at Rs 396 crore (Rs 253 crore).
Total consolidated revenue in financial year 2016-17 grew 30 per cent to Rs 15,249 crore (Rs 11,712 crore), according to MFSL's filing with stock exchanges.
On a standalone basis, MFSL, which is first of the only two listed companies providing pure access to the private life insurance sector, recorded a net profit of Rs 154 crore, up 34 percent over net profit of Rs 115 crore in previous fiscal.
For the year 2016-17, MFSL's sole operating subsidiary Max Life Insurance recorded a profit before tax of Rs 768 crore, up 50 percent over the previous year. Max Life Insurance's embedded value stood at Rs 6,590 crore as at March 31, 2017 with an operating return on EV of 20 percent.
The value of new business (VNB) written by Max Life Insurance during 2016-17 stood at Rs 499 crore, up 29 percent over previous year, according to a release issued by MFSL on Tuesday.
Commenting on Max Life's performance, Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, " It speaks volumes of the company's underlying strength that even at a stage of maturity in 2017, the business has delivered its strongest financial performance in ten years".
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