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business-standard - 13 days ago

Max Financial services reports Q3 consolidated revenues of Rs. 4,124 cr., growing 12%

Max Financial Services Limited (MFS) today announced its financial results for the third quarter of financial year 2018-19 (Q3 FY2019). MFS, the holding company of Max Life Insurance (Max Life), India s largest non bank-owned life insurer, reported consolidated revenues of Rs. 4,124 Cr., growing 12% over the previous year.The company s consolidated revenue for the first nine months (9M) of FY19 stood at Rs. 11,292 Cr., growing 16%, while the Shareholders Profit before tax fell marginally by 4% to Rs. 375 Cr. due to planned investments in FY19 towards proprietary channel growth initiatives.MFS sole operating subsidiary Max Life reported revenues of Rs. 4,113 Cr., growing 12% over the corresponding quarter last year. The business also reported its Embedded Value (EV) based on market consistent methodology (MCEV) at Rs. 8,254 Cr., with an Operating Return on EV (RoEV) of 18.8%. The Value of New Business[2] (VNB) written during the quarter was Rs. 466 Cr., growing 37% over the previous .

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