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Max Financial Services Limited has recorded consolidated revenue of Rs. 46,618 crore in FY2024, 48% growth buoyed by higher investment income, excluding investment income consolidated revenue grew by 16% year-on-year. During Q4FY24, consolidated revenue^ Rs. 14,899 crore, grew by 50% year-on-year.

During FY24, Max Life's total new business premium (individual and group) grew by 23% to Rs. 11,023 crore and Individual Adjusted First Year Premium grew by 16% to Rs.6,961 crore leading to private market share gain by 61 bps to 9.4%. Number of new retail policies grew by 20%. Further, the renewal premium rose 13% to Rs.18,506 crore, taking the gross written premium to Rs. 29,529 crore, an increase of 17% over the previous financial year. Proprietary channels registered the highest ever new business premiums (APE) growth of 28% year on-year to Rs. 2,957 crore as result contribution of Proprietary channels to total new sales increased from 37% in FY23 to 40% in FY24. The company registered secular growth across all proprietary channels i.e. online (e-commerce), agency and direct sales teams. Max Life maintained its leadership position in online sales. Banca channels new business premiums (APE) grew by 12% to Rs. 4,340 Crore in FY24. Max Life continued to maintain its dominant counter share in key banca channels. Max Life also significantly augmented its distribution network in FY24, signing 40+ new partnerships.

In Q4FY24, Individual Adjusted First Year Premium saw an increase of 10%, compared to 2% growth in the private sector crore leading to market share gain by 73 bps to 10.4%. The new business growth was fuelled by strong growth in Retail Protection & Health, Group Credit Life and Annuity business. Retail Protection and Health grew by 63%, Group Credit Life grew by 62%. Our focus on growing protection segment has led to our Individual new business sum assured achieving Rank 3 in the industry with a growth of 33% on a full year basis, ahead of industry growth rate.

Annuity business grew by 59% in FY24. There were 37 product interventions during FY24 which added to the new business and innovations like SWAG Premium and Swag Pension.

Max Life achieved New Business Margin (NBM) of 26.5% in FY24 and 28.6% in Q4FY24. Value of New Business (VNB) of Rs. 1,973 crore, grew 1% in FY24. Max Life reported an Embedded Value of Rs.19,494 crore, while the Operating Return on Embedded Value (RoEV) at 20.2%. Max Life’s assets under management (AUM) crossed Rs.1.5 lakhs crore to Rs.1,50,836 Crore as on March 31, 2024, up 23% over the previous year. With the infusion of Rs.1,612 crore capital by Axis Bank into Max life, solvency margin stands at 206% as of in Apr’24 (172% in Mar’24)

Max Life Pension fund management (PFM) AUM grew by 300% to Rs. 576 crore as of March 31, 2024, against Rs.143 Crore as of March 31, 2023, further strong increase in number of subscribers by 6.6x to 19,602 as of March 31, 2024.

Our commitment to customer-centricity and customer satisfaction across every stage of our value chain was recognized by our customer who have ranked us #2 among India's leading insurers in the 4^th edition of the esteemed CuES Report by Hansa Research.  The ranking is an endorsement by our customers for the best-in-class experience offered through our diverse product offerings, user-friendly digital support, streamlined documentation processes, and efficiency in policy issuance.

We assess customer loyalty using the Net Promoter Score (NPS). There was a notable 4- point increase in our overall company NPS, rising from 52 in March 2023 to 56 in March 2024. Furthermore, our Touchpoint NPS has seen a significant improvement of 6 points, while our relationship NPS has experienced an increase of 2 points.

Additionally, Max Life reaffirmed its leadership position in 13th-month persistency for the number of policies sold. Our 13th-month persistency for Regular/Limited pay premium achieved an unprecedented high of 87%, reflecting a significant improvement of approximately 300 basis points. Our 61st-month persistency stood at 58% for the reporting period ending in March 2024.

Mr. Prashant Tripathy, CEO and Managing Director, Max Life Insurance Company Limited, said, “Max Life's performance in FY24 reflects our commitment to excellence and innovation. We achieved a strong 16% year-on-year growth, exceeding the private industry's 8% growth. Our success stems from our consistent focus on scaling our proprietary channels, maintaining partnerships, expanding distribution with new partners, and strengthening our presence into untapped sub-categories of protection and retirement. Committed to delivering value for customers, shareholders, and partners, our clear vision propels us to be a leading force in shaping financial security's future.”

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