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Published on 16/11/2021 11:20:18 AM | Source: Yes Securities Ltd

Update On Max Financial Services Ltd By Yes Securities

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Result Highlights

Embedded Value metrics

* Annual Premium Equivalent: APE at Rs.12,830 mn was up by 11% YoY and 47% QoQ.

* Value of New Business: VNB stood at Rs. 3,740mn, up by 15% YoY and 117% QoQ

* VNB margin (APE basis): VNB margin came in at 29.2%, expanding by 949bps on sequential basis and 99bps on YoY basis.

 

Product traction and mix

* Par product APE grew 76%/60% QoQ/YoY, with share in new business APE rising 336bps/623 bps QoQ/YoY to 20%.

* ULIP APE grew 20%/17% QoQ/YoY with share in new business APE rising 156 bps YoY but declined 673 bps QoQ to 30%.

 

Accounting metrics

* New Business Premium: NBP at Rs.18,710 mn was up by 17% YoY and 51% QoQ.

* PAT: PAT came in at Rs. 477mn, down by -41% YoY but up by 33% QoQ

 

Other key metrics

* Expense ratio: Expense ratio for the quarter was 21.5%, down by -71 bps YoY and -330 bps QoQ.

* Persistency: 13th month persistency at 85% was flat QoQ and 200 bps higher YoY. 37th month persistency at 61% was flat both QoQ and YoY. 61st month persistency at 55% was up 100 bps QoQ and 200 bps YoY.

 

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