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Results
11-May-22
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Analysis
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Max Financial Services
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Healthy margin improvement
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Max Financial Services (MFSL) has posted 89% jump in the net profit to
Rs 117.68 crore in the quarter ended March 2022 (Q4FY2022). The Company reported consolidated revenues of Rs 8962 crore,
8% lower than previous year, due to lower investment income. Excluding
investment income, the consolidated revenues grew 12%.
During FY22, the Company reported consolidated revenues of
Rs. 31188 crore which was marginally lower than the previous year due to lower
investment income. Excluding investment income, the consolidated revenues grew
17%.
The Consolidated net profit declined 40% to Rs 253.37 crore
in FY2022. The decline in the Profit after Tax was primarily due to
COVID-19-related provision in the current year and one-off items in previous
year.
Max Life achieved highest ever New Business Margin (NBM) of
27.4% in FY22, an increase of 215 bps and the Value of New Business (VNB) was
Rs 1528 crore (post overrun), an annual growth of 22%. The 22% growth in VNB
has been achieved on a high base of 39% VNB growth achieved in FY21. On a
2-year CAGR, the VNB growth stood at an industry best of 31%.
Max Life reported an Embedded Value of Rs 14,174 crore,
while the Operating Return on EV (RoEV) over FY22 stood at 20.1%; including
non-operating variances and adding the dividends, the RoEV came to 19.8%.
Max Life total new business premium (individual and group)
increased 16% to Rs 7905 crore. In addition, the renewal premium income
(including group) grew 19% to Rs 14509 crore, taking the gross premium to Rs 22414
crore, an increase of 18% over the previous financial year. The operating
expenses (policyholders) to net premium ratio improved from 14.2% in FY21 to
13.5% in FY22 due to effective cost management efforts and higher business
growth.
Max Life’s assets under management (AUM) were Rs 107510
crore end March 2022, a rise of 19% over the previous year. This strong
performance was despite a more severe impact of the second wave of COVID-19 compared
with the first wave. Claim experiences were higher than expected across all
lines of businesses with significantly higher variance for Protection and Group
businesses. Max Life maintained its 4th rank in the private industry.
Embedded value per share stood at Rs 410.72
per share end March 2022.
Mohit Talwar, Managing Director, Max Financial Services,
said, “Our strong Q4 numbers are a result of our consistent
efforts in driving profitable growth across our channels by optimizing for
product mix.”
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Max Financial Services : Consolidated Results
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Particulars
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2203 (3)
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2103 (3)
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Var (%)
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2203 (12)
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2103 (12)
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Var (%)
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Income from Operations
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8959.65
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9759.75
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-8
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31181.14
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31273.91
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0
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OPM (%)
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1.79
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0.7
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1.32
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1.87
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OP
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160.76
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68.1
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136
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411.95
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584.38
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-30
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Other Inc.
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2.66
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0.56
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375
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6.44
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14.11
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-54
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PBDIT
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163.42
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68.66
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138
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418.39
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598.49
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-30
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Interest
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9.25
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0.06
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15317
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24.74
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0.27
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9063
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PBDT
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154.17
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68.6
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125
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393.65
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598.22
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-34
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Depreciation
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1.20
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1.45
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-17
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5
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5.32
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-6
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PBT before EO
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152.97
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67.15
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128
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388.65
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592.9
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-34
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EO
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0.00
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0
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-
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0
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0
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-
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PBT after EO
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152.97
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67.15
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128
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388.65
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592.9
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-34
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Tax Expenses
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8.97
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-2.88
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PL
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70.25
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33.15
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112
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PAT
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144.00
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70.03
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106
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318.4
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559.75
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-43
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Profit attributable to non-controlling interest
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26.32
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7.69
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242
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65.03
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134.36
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-52
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Share of Profit/(Loss) from Associates
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0.00
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0
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-
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0
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0
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-
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Net profit attributable to owners
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117.68
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62.34
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89
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253.37
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425.39
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-40
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EPS (Rs)*
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13.6
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7.2
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7.3
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12.3
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EV (Rs)
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410.7
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342.9
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410.7
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342.9
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* Annualised on current equity of Rs 69.02 crore, Face value of
Rs 2, Excluding extraordinary items.
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# EPS is not annualised
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Max Financial Services allots 1.10 lakh equity shares
(
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Max Financial Services consolidated net profit rises 88.77% in the March 2022 quarter
(
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Announcements
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(
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07-Jul-16
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Max Financial vaults as board approves fund raising
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