Total income increased 129% to Rs 9,760 crore in the fourth quarter from Rs 4,266 crore in Q4 FY20. Excluding investment gains, the company's revenue has grown by 21% during the quarter.

Max Life is the sole operating subsidiary of Max Financial Services and is India's largest non-bank private life insurer and the fourth largest private life insurance company.

Max Life's recorded a gross premium of Rs 7,106 crore in Q4FY21, an increase of 21% from Rs 5,873 crore in Q4FY20. Individual APE grew 35% in the quarter under review to Rs 1,893 crore from Rs 1,398 crore in the year-ago period.

Max Financial's consolidated net profit surged 105% to Rs 560 crore on 72% jump in total income to Rs 31,288 crore in FY21 over FY20.

The steep surge in the net profit was largely due to higher investment income, reversal of provision for impairment on financial assets, lower tax expense and a partial offset by new business strain due to shift in product mix towards non-par business.

The significant rise in total income was due to gain on debt and equity portfolio. Excluding investment gains, the company's revenues have grown by 17% in FY 2021.

During the financial year, total new business premium (individual and group) of Max Life increased 22% to Rs 6,826 crore. In terms of individual APE (Adjusted Premium Equivalent), it recorded a 19% growth to Rs 4,907 crore. Further, the renewal premium income (including group) grew 15% to Rs 12,192 crore, taking gross written premium to Rs 19,018 crore, an increase of 18% over the previous financial year.

Max Life, registered a post-tax shareholders' profit of Rs 523 crore in FY21 as compared to Rs 539 crore in the previous financial year, a marginal decline of approximately 6%.

The New Business Margin (NBM) for FY2021 was 25.2% (at actual costs), an increase of 360 bps and the Value of New Business (VNB) was Rs 1,249 crore (at actual costs), an annual growth of 39%. The higher growth in VNB was primarily on account of the relatively higher sales compared to last year, in addition to the higher margins driven by an increase in the non-par and protection products sales.

Max Life's assets under management (AUM) was Rs 90,407 crore as on 31 March 2021- a rise of 32% over the previous year.

During the financial year 2020-21, Axis Bank entities became co-promoter of Max Life holding 12.99% stake, with a right to acquire another 7% stake. An application has been filed with IRDAI for acquiring approximately 5.17% residual stake from Mitsui Sumitomo Insurance in Max Life, and the transaction is expected to be completed by Q2 FY22.

Mohit Talwar, Managing Director, Max Financial Services, said: "The conclusion of the deal where Axis Bank Limited, India's third-largest private sector bank, became the co-promoter in Max Life with 12.99% stake will permanently address the uncertainty around Max Life's distribution, and also strengthen its position."

Max Financial Services (MFSL) is part of India's leading business conglomerate - the Max Group. Focused on life insurance, MSFL owns and actively manages an 81.83% majority stake in Max Life Insurance.

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