Max Life Q1 FY25: 46% Profit Surge, ₹2,075 Crore New Premium

On August 13, 2024, Max Financial Services Limited reported a consolidated revenue of ₹7,709 crore for Q1 FY25, marking a 21% increase, largely due to higher investment income. Excluding investment income, the revenue stood at ₹5,235 crore, up 11% year-on-year.

Max Life Insurance Company Ltd. (Max Life) saw its New Business Premium (including individual and group) grow by 12% to ₹2,075 crore. The Individual Adjusted First Year Premium increased by 27% to ₹1,260 crore, helping Max Life gain 22 basis points in private market share, reaching 8.8%. The number of new retail policies rose by 27%. Additionally, the renewal premium climbed by 10% to ₹3,323 crore, bringing the Gross Written Premium to ₹5,399 crore, an 11% increase from the previous year.

Max Life’s Profit before Tax surged by 46% to ₹151 crore in Q1 FY25. The company’s Embedded Value grew by 30% to ₹22,043 crore, with an Operating Return on Embedded Value (RoEV) of 14.2%. The Value of New Business (VNB) increased by 3% to ₹254 crore compared to ₹247 crore in Q1 FY24. The Total Annualised Premium Equivalent (APE) rose by 31% to ₹1,453 crore in the quarter.

The company’s new business growth was powered by strong gains in several areas: Protection & Health grew by 53%, Group Credit Life by 49%, and the Retail Annuity business by 42%. Additionally, Max Life added 7 new partners in Q1 FY25, including Catholic Syrian Bank Limited (CSB Bank).

Mr Prashant Tripathy, CEO and Managing Director of Max Life, said, “At Max Life, we are committed to delivering consistent and sustainable business outcomes. Our performance in Q1 FY25 reflects this focus, with secular growth in Individual Adjusted First Year Premium and an expanded presence in the private market. These results highlight the effectiveness of our strategic priorities—scaling proprietary channels, building strong partnerships, and reaching new customer segments. ”

About Max Financial Services Limited

Max Financial Services (MFSL) is part of the Max Group, one of India’s leading business conglomerates. MFSL primarily focuses on life insurance and holds an approximately 81% stake in Max Life Insurance, the largest non-bank private life insurance company in India. The company is publicly traded on the NSE and BSE.

On August 14, 2024, IRCTC Ltd’s share price opened at ₹1,022.00, touching the day’s high at ₹1,038.60, as of 10:09 AM on the NSE.

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