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Nirmal Bang Report
Key Points
We hosted the management of Max Life as part of our virtual investor conference. Key takeaways include:
Retail protection and annuity remain the key drivers of growth; non-participating share to fall to 35% in FY24 and unit linked Insurance plan/participating to remain stable.
Significant capacity addition planned - growth to be fuelled by expansion in tier III/IV towns (100 new offices in FY24); Axis Bank Ltd. counter share to remain stable at ~70%.
Maintain FY24 value of new business margin guidance at ~28%; deal with Axis Bank to boost solvency to ~230%.
View health business as an incremental opportunity; working with consultants on International Financial Reporting Standards implementation.
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