BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
Max Financial Services Ltd.'s annual premium equivalent grew 38.8% YoY, driven by strong growth in the protection and annuity portfolio. The company expects overall APE growth momentum to be intact in H2 with non-par/ protection portfolio contributing more to growth. We build 14.7% APE growth over FY23-26E.
Q2 value of new business growth was tepid (11.5%) as VNB margin contracted to 25.2% due to an increase in the share of low-margin unit linked insurance plan in the mix. Max Financial Services expects margins to improve in H2 as the share of protection and NPAR rises.
We revise our VNB Margin estimates on lower than expected VNB Margin in H1.
We value Max Life using the appraisal value framework (FY24E embedded value plus FY25E Structural Value) with a target price of Rs 1,015 (2.3 times FY25E P/EV). Maintain 'Accumulate'.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
