Max Financial Q3 Review - Value Of New Business Margin Buoyant; Non-Par Growth Remains Robust: Motilal Oswal

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Motilal Oswal Report

Max Life Insurance has demonstrated a resilient performance amid a challenging macro environment, with 21% annual premium equivalent growth, led by robust growth in non-participating savings and a recovery in unit linked insurance plan.

After witnessing robust protection growth over H1 FY21, the same has moderated during Q3.

Shareholders’ profit after tax grew at 43% YoY during Q3 FY21.

Absolute value of new business growth stood robust (65% YoY), led by a VNB margin of 28.6%. This has been supported by robust trends in non-Par savings and cost improvement.

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