Published on 10/06/2021 10:13:19 AM | Source: Yes Securities Ltd

Update On Max Financial By Yes Securities

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Result Highlights

* Premium– Premium Income was at Rs 70bn and grew by 21% on YoY basis and 54% on sequential basis.  

* APE – APE at Rs19bn was higher than our estimates of Rs17.4bn. APE grew by 36% yoy and 56% qoq. The growth was led mainly on back more than doubling of Non‐Par segment.  

* APE Mix – Share of Non‐Par increased by 1113bps and ULIP increased by 181bps, which was offset by decline in share of Par and Protection business.  

* VNB & VNB Margin – Q4FY21 VNB at Rs4.6bn was lower than our forecasts of R 5.0bn, while VNB margin at 24% was below our estimates of 28.7%. On a yoy basis VNB margins expanded by 127bps.

* Persistency improvement – Sequentially, persistency improved by 100bps for 13th Month and remained flat for 61st Month. On a yoy basis 13th month persistency and 61st month persistency expanded by 100bps and 200bps respectively.

* Opex and commission ratios – Commission ratios expanded by 45bps yoy whereas opex ratio increased by 123bps yoy.  

* EV – EV stood at Rs118 bn as on March 2021. ROEV stands at 18.5%  

* Channel Mix –On YoY as well as QoQ basis, share of banca improved by 498bps and 223bps respectively.

* Axis transaction update:  Application filed with IRDAI for acquiring residual stake ~5.17% from MSI in Max Life, transaction completion expected by Q2FY22


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