Sunday 9 December 2018
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business-standard - 25 days ago

Max Financial Services reports Q2 consolidated revenues

Max Financial Services Limited (MFS) today announced its financial results for the second quarter of financial year 2018-19 (Q2 FY2019). MFS is the holding company of Max Life Insurance (Max Life), India s largest non bank-owned life insurer.MFS reported consolidated revenues1 of Rs. 4,075 Cr., growing 18% over the previous year. The Company also reported Profit after Tax4 of Rs. 53 Cr., 22% lower compared to the previous year due to one-off expenses for the attempted acquisition of IDBI Federal Life, higher proportion of protection sales and shift in product mix.During the quarter, Max Life reported Revenues1 of Rs. 4,067 Cr., growing 19% over the corresponding quarter last year. Shareholders Profit before Tax was for the quarter was Rs. 185 Cr., 42% higher compared to the previous year.The business also reported strong Operating Return on Embedded Value (RoEV) of 18.5% with Market-Consistent EV (MCEV) of Rs. 8,034 Cr. The Value of New Business (VNB) (pre-cost overrun) written ...

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