Max Financial Services Ltd.

Financial

	Max Financial	New India Assurance	Star Health and Allied
Operational Metrics
General Insurance Sector
Risk Retention Ratio	77.0 %	83.86 %	91.2 %
Combined Ratio	95.0 %	125.32 %	99.14 %
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	2513.53 Crs	1226.59 Crs
Life Insurance Sector
13 Month Persistency Ratio	84.0 %	n/a	n/a
61 Month Persistency Ratio	56.0 %	n/a	n/a
Commission Ratio - Life Insurance	10.0 %	n/a	n/a
AUM - Life Insurance	170144.0 Crs	n/a	n/a
New Business Performance - Life Insurance	1254.51 Crs	n/a	n/a
Embedded Value	23338.0 Crs	n/a	n/a
Claim Settlement Ratio	99.51 %	n/a	n/a
Value Of New Business Margin (VNB)	23.6 %	n/a	n/a
Management Expense Ratio - Life Insurance	25.0 %	n/a	n/a
Financials
5 yr Average ROE	9.1 %	0.0	0.0
5yr average Equity Multiplier	34.76	n/a	n/a
5yr Average Asset Turnover Ratio	0.27	n/a	n/a
5yr Avg Net Profit Margin	0.98 %	n/a	n/a
Price to Book	7.26	n/a	n/a
P/E	108.96	23.41	31.49
5yr Avg Cash Conversion Cycle	6.26 Days	n/a	n/a
Inventory Days	0.0	n/a	n/a
Days Receivable	6.26 Days	n/a	n/a
Days Payable	13.93 Days	n/a	n/a
5yr Average Interest Coverage Ratio	10.07	n/a	n/a
5yr Avg ROCE	11.96 %	n/a	n/a
5yr Avg Operating Profit Margin	2.17 %	n/a	n/a
5 yr average Debt to Equity	0.08	n/a	n/a
5yr CAGR Net Profit	18.59 %	n/a	n/a
5yr Average Return on Assets	0.27 %	n/a	n/a
Shareholdings
Promoter Holding	3.34 %	85.44 %	57.68 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-11.38 %	0.0	-1.22 %
Change in Mutual Fund Holding (3 Yrs)	9.79 %	-0.15 %	10.42 %

Business

	Max Financial	New India Assurance	Star Health and Allied
Product Wise Break-Up	Product Wise Break-Up Policyholders` Income from Life Insurance operations 98.5 Interest Income 0.95 Net gain on fair value changes 0.5 Dividend Income 0.02 Rental 0.01 Services 0.01 Personal Accident 0 Engineering 0 Fire 0 Motor 0 Liability 0 Aviation 0 Crop 0 Marine 0 Health 0 Others 0.01	Product Wise Break-Up Net gain on fair value changes 0 Engineering 1.14 Motors 25.35 Health 57.41 PERSONAL ACCIDENT 2.32 Crop 1.31 Services 0 0 Interest Income 0 Dividend Income 0 MARINE 1.79 Aviation 0.29 Fire Equipment 7.58 Rental 0 Liability 0 Others 2.81	-
Segment Break-Up	Segment Break-Up Life Insurance Business 99.94 Business Investments 0.06 Personal Accident 0 Health Insurance 0	-	Segment Break-Up Business Investments 0 Life Insurance Business 0 Personal Accident 0 Health Insurance 100.0
Location Wise Break-Up	Location Wise Break-Up India 100.0	Location Wise Break-Up India 100.0	Location Wise Break-Up India 100.0
Operating Profit Break-Up	Operating Profit Break-Up Life Insurance business 99.96 Business Investments 0.04 Personal Accident 0 Health Insurance 0	-	Operating Profit Break-Up Business Investments 0 Life Insurance business 0 Personal Accident 0 Health Insurance 100.0
Distribution Channel	Distribution Channel Bancassurance 52.0 Proprietary 46.0 Axis 0 Broker 0 Dealer 0 Agency 0 Direct 0 Others 2.0	Distribution Channel Bancassurance 1.0 Dealer 8.0 Agency 29.0 Direct 29.0 Proprietary 0 Axis 0 Broking 33.0	Distribution Channel Bancassurance 0 Dealer 0 Agency 0 Direct 0 Proprietary 0 Axis 0 Broker 0 Others 100
Investment Break-Up	Investment Break-Up Government securities 53.18 Investments in Infrastructure and Social Sector 17.14 Other Approved investments 17.13 Other Approved investments 12.48 0 Other Investments 0 Others 0.07	Investment Break-Up Government securities 0 Investments in Infrastructure and Social Sector 13.2 Other Approved investments 46.44 Other Investments 0 Other Approved investments 0 Others 40.36	Investment Break-Up Government securities 0 Investments in Infrastructure and Social Sector 11.7 0 Other Investments 7.23 Other Approved investments 0 Others 81.07
Asset Break-Up	Asset Break-Up Others 100	-	-
Premium Break-Up - Life Insurance	Premium Break-Up - Life Insurance Renewal Premiums 61.03 First Year Premiums 25.99 Single Premiums 12.98 Annuity 0 Unit Linked Insurance Plan 0 Non-Participating-Savings 0 Group Protection 0 Individual Protection 0 Participating 0	-	-

Max Financial Services Ltd.

Max Financial Services Ltd.

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