Prashant Tripathy, managing director, Max Life Insurance Company , said, “Through our continued focus on introducing innovative products, expanding distribution strength across channels, and driving a balanced product mix, we delivered strong growth in Q4FY23.”
New Delhi:
Max Financial Services Ltd (MFSL),that owns an 87 per cent stake in Max Life Insurance, on Friday reported a 64 per cent decline in consolidated net profit at Rs 52 crore for the last quarter of 2022-23.
The company had reported a net profit of Rs 144 crore in the January-March period a year ago.
In Q4FY23, Max Life New Business Premium grew by 27% to Rs.3,320 crore. driven by outperformance in proprietary channels.
The company registered consolidated revenue of Rs 9,929 crore in the quarter from Rs 8,960 crore in Q4FY23, MFSL said in a regulatory filing.
Total expanses of the firm rose to Rs 9,876 crore as against Rs 8,809 crore a year ago, it said.
For the full year FY23, its net profit jumped by 42 per cent to Rs 451 crore as against Rs 318 crore in the previous financial year.
Max Life Insurance has collected a total new business premium (individual and group) of Rs 8,960 crore.
In addition, the renewal premium income (including group) grew 13 per cent to Rs 16,382 crore, taking the gross premium to Rs 25,342 crore, an increase of 13 per cent over the previous financial year.
Prashant Tripathy, managing director, Max Life Insurance Company , said, “Through our continued focus on introducing innovative products, expanding distribution strength across channels, and driving a balanced product mix, we delivered strong growth in Q4FY23.”
Max Life achieved the highest New Business Margin (NBM) of 31.2 per cent in FY23, improved by 380 bps over corresponding previous period. Value of New Business (VNB) of the company grew at 28 per cent to Rs 1,949 Cr in FY23.
Max Life reported an Embedded Value of Rs 16,263 crore, while the Operating Return on EV (RoEV) improved by 290 bps to 22.1 per cent year-on-year.
Max Life’s assets under management (AUM) were Rs. 1,22,857 crore as on March 31, 2023, a rise of 14 per cent over the previous year.
Max Life has secured 4 new distribution partnerships with DCB Bank, Tamilnad Mercantile Bank, Ujjivan Small Finance Bank, Capital Small Finance Bank and 6 new renowned Brokers in FY23.
Max Life also inked pact with the Indian Industries Association to provide life insurance plans to the Micro, Small, and Medium Enterprises sector’s workforce in Uttar Pradesh, as part of its drive on IRDAI’s State Insurance Plan.