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Prabhudas Lilladher Report
Max Financial Services Ltd.'s overall annual premium equivalent grew by 36% YoY in Q4 FY21 ending FY21 with 19.5% YoY growth best among peers and given the pandemic impact which was led by led by 18% first year premium premium.
Also protection growth of 10-12% YoY was better than peers, while product launches at start of FY21 augured well with non-participating savings mix improving by 12% with doubling of annual premium equivalent in FY21.
The company has done well at start of FY22 despite challenges from second wave.
It should continue to gain market share with continued focus on non-par savings/protection and gradually move towards medium term margins of 27-28%.
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