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Motilal Oswal Report
Max Financial Services Ltd. reported a 24% YoY growth in value of new business, led by annual premium equivalent growth of 15% and a 140 basis points improvement in VNB margin.
Within segments, non-PAR continues to see strong momentum, led by the annuity business. Other products, except retail term, saw a healthy traction.
In Q1 FY23, the proprietary channel grew 32% YoY and now contribute 34% (up 400 bps YoY) of overall APE. On the other hand, the banca channel grew at a mere 8% YoY and dragged overall APE growth. This is due to true adoption of open architecture at Axis Bank Ltd. and Yes Bank Ltd. and a high base of last year.
Max Financial's management said it will take an additional two more quarters for the base to settle down.
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