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Motilal Oswal Report
Max Financial Services Ltd. reported a stable quarter on the back of healthy value of new business margin of 30.3%. VNB margin was aided by strong growth in VNB (16% beat) and annual premium equivalent (7% beat) due to increased demand before the budgetary changes.
Non-Participating maintained its robust momentum, led by the annuity business, while other segments also saw a sequential recovery.
Growth in APE was driven by the proprietary channels, which rose 90% YoY and contributed ~41% to overall APE. The banca channel’s APE also recovered with 13% YoY growth (up 41% QoQ).
Max Financial Services' management expects the banca channel’s growth to improve further.
We estimate a 15% APE compound annual growth rate over FY23-25, leading to a 13% VNB CAGR.
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