Update On Max Financial Services Ltd By Yes Securities
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Result Highlights
* Premium and APE – Premium Income for Max Life was at Rs 33.78bn and grew by 27% YoY but de-grew by -52% QoQ. APE at Rs8.75bn grew by 32% yoy but de-grew by -54% qoq.
* VNB & VNB Margin – Q1FY22 VNB was at Rs1.72bn, while VNB margin at 19.7%. VNB margin expanded by 256bps YoY but contracted 439 bps QoQ.
* Persistency– 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 300bps and 200bps. respectively.
* Opex and commission ratios – Opex ratio increased by 218bps yoy and 593 bps QoQ. Commission ratio expanded by 33bps yoy but declined 56 bps QoQ.
* Embedded Value – EV stood at Rs122.9 bn as on June 2021, up 15.2% YoY and 3.9% QoQ. Operating ROEV stands at 13.5%, down 240 bps YoY
* Channel Mix –On YoY basis, share of banca improved by 762bps to 70% but was down by -492bps QoQ.
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