Max Financial Services Ltd.

Financial

	Max Financial	Aditya Birla Capital	New India Assurance
Operational Metrics
General Insurance Sector
Risk Retention Ratio	77.0 %	76.0 %	81.24 %
Combined Ratio	95.0 %	112.0 %	116.05 %
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	460.79 Crs	2021.6 Crs
Life Insurance Sector
13 Month Persistency Ratio	84.0 %	81.34 %	n/a
61 Month Persistency Ratio	56.0 %	65.41 %	n/a
Commission Ratio - Life Insurance	10.0 %	7.92 %	n/a
AUM - Life Insurance	170144.0 Crs	95553.0 Crs	n/a
New Business Performance - Life Insurance	840.75 Crs	940.48 Crs	n/a
Embedded Value	23338.0 Crs	11539.0 Crs	n/a
Claim Settlement Ratio	99.51 %	98.1 %	n/a
Value Of New Business Margin (VNB)	23.6 %	7.4 %	n/a
Management Expense Ratio - Life Insurance	25.0 %	19.94 %	n/a
Financials
5 yr Average ROE	9.1 %	12.51 %	0.0
5yr average Equity Multiplier	34.76	8.94	n/a
5yr Average Asset Turnover Ratio	0.27	0.15	n/a
5yr Avg Net Profit Margin	0.98 %	9.19 %	n/a
Price to Book	8.23	1.72	n/a
P/E	123.47	13.16	21.32
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 %	68.9 %	85.44 %
Share Pledged by Promoters	0.1 %	0.0	0.0
Change in Promoter Holding (3 Yrs)	-11.38 %	-1.79 %	0.0
Change in Mutual Fund Holding (3 Yrs)	13.33 %	1.45 %	-0.15 %

Business

	Max Financial	Aditya Birla Capital	New India Assurance
Product Wise Break-Up	Product Wise Break-Up Policyholders` Income from Life Insurance operations 98.54 Interest Income 1.03 Net gain on fair value changes 0.4 Rental 0.02 Dividend Income 0.01 Services 0 Personal Accident 0 Engineering 0 Fire 0 Motor 0 Liability 0 Aviation 0 Crop 0 Marine 0 Health 0	-	Product Wise Break-Up Dividend Income 0 Services 0 Rental 0 Fire Equipment 7.58 Aviation 0.29 Motors 25.35 Interest Income 0 PERSONAL ACCIDENT 2.32 Engineering 1.14 Liability 0 MARINE 1.79 0 Crop 1.31 Health 57.41 Net gain on fair value changes 0 Others 2.81
Segment Break-Up	Segment Break-Up Life Insurance Business 99.95 Business Investments 0.05 NBFC 0 Health Insurance 0 Stock and Securities Broking 0 General Insurance Broking 0 Asset Management 0 Life Insurance 0 Housing Finance 0	Segment Break-Up Life Insurance Business 42.56 General Insurance 1.55 Life Insurance Business 0 Broking 1.16 Asset Management 4.65 Health Insurance 9.51 Home loans 5.23 NBFC 34.39 Business Investments 0 Others 0.95	-
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up India 99.94 Rest of the World 0.06	Location Wise Break-Up India 100.0 Rest of the World 0
Operating Profit Break-Up	Operating Profit Break-Up Life Insurance business 100.0 Business Investments 0 NBFC 0 Health Insurance 0 Stock and Securities Broking 0 General Insurance Broking 0 Asset Management 0 Life Insurance 0 Housing Finance 0	Operating Profit Break-Up Life Insurance business 0 Life Insurance Business 1.65 General Insurance 2.28 Broking 1.72 Asset Management 23.43 Health Insurance 0 Home loans 6.52 NBFC 64.08 Business Investments 0 Others 0.32	-
Distribution Channel	Distribution Channel Proprietary 49.0 Bancassurance 48.0 Axis 0 Broker 0 Dealer 0 Agency 0 Direct 0 Others 3.0	-	Distribution Channel Proprietary 0 Agency 28.0 Direct 29.0 Broking 33.0 Axis 0 Dealer 9.0 Bancassurance 1.0
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 Others 0.07	-	Investment Break-Up Investments in Infrastructure and Social Sector 10.63 Other Approved investments 47.83 Government securities 0 Other Approved investments 0 Others 41.54
Asset Break-Up	Asset Break-Up Others 100	-	-
Premium Break-Up - Life Insurance	Premium Break-Up - Life Insurance Renewal Premiums 61.56 First Year Premiums 23.11 Single Premiums 15.33 Annuity 0 Unit Linked Insurance Plan 0 Non-Participating-Savings 0 Group Protection 0 Individual Protection 0 Participating 0 Traditional 0 Protection 0 Non-Participating(Non-Par) 0 Participating(Par) 0 Unit Linked Insurance Plan(ULIP) 0	Premium Break-Up - Life Insurance Unit Linked Insurance Plan 0 Renewal Premiums 0 Traditional 73.0 Non-Participating-Savings 0 Participating 0 Non-Participating(Non-Par) 0 Participating(Par) 0 Group Protection 0 Protection 3.0 Single Premiums 0 Individual Protection 0 Unit Linked Insurance Plan(ULIP) 24.0 Annuity 0 First Year Premiums 0	-

Max Financial Services Ltd.

Max Financial Services Ltd.

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