Max Financial Services Ltd.

Financial

	Max Financial	New India Assurance	Aditya Birla Capital
Operational Metrics
General Insurance Sector
Risk Retention Ratio	77.0 %	83.86 %	73.0 %
Combined Ratio	95.0 %	125.32 %	113.0 %
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	3208.49 Crs	348.13 Crs
Life Insurance Sector
13 Month Persistency Ratio	84.0 %	n/a	82.49 %
61 Month Persistency Ratio	56.0 %	n/a	65.04 %
Commission Ratio - Life Insurance	10.0 %	n/a	9.13 %
AUM - Life Insurance	170144.0 Crs	n/a	95553.0 Crs
New Business Performance - Life Insurance	905.42 Crs	n/a	505.66 Crs
Embedded Value	23338.0 Crs	n/a	11539.0 Crs
Claim Settlement Ratio	99.51 %	n/a	98.1 %
Value Of New Business Margin (VNB)	23.6 %	n/a	7.4 %
Management Expense Ratio - Life Insurance	25.0 %	n/a	21.1 %
Financials
5 yr Average ROE	9.1 %	0.0	12.51 %
5yr average Equity Multiplier	34.76	n/a	8.94
5yr Average Asset Turnover Ratio	0.27	n/a	0.15
5yr Avg Net Profit Margin	0.98 %	n/a	9.19 %
Price to Book	7.62	n/a	1.73
P/E	114.41	25.1	13.29
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 %	68.9 %
Share Pledged by Promoters	0.1 %	0.0	0.0
Change in Promoter Holding (3 Yrs)	-11.38 %	0.0	-1.79 %
Change in Mutual Fund Holding (3 Yrs)	13.33 %	-0.15 %	1.45 %

Business

	Max Financial	New India Assurance	Aditya Birla Capital
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 Aviation 0.29 Crop 1.31 MARINE 1.79 Net gain on fair value changes 0 Interest Income 0 Health 57.41 Services 0 Liability 0 Fire Equipment 7.58 Engineering 1.14 Motors 25.35 Dividend Income 0 Rental 0 PERSONAL ACCIDENT 2.32 0 Others 2.81	-
Segment Break-Up	Segment Break-Up Life Insurance Business 99.94 Business Investments 0.06 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 0 Asset Management 4.34 Home loans 5.33 Business Investments 0 Health Insurance 9.1 NBFC 30.36 Broking 1.06 General Insurance Broking 0 Life Insurance Business 46.32 Others 3.49
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	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
Operating Profit Break-Up	Operating Profit Break-Up Life Insurance business 99.96 Business Investments 0.04 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 Asset Management 20.1 Home loans 6.23 Business Investments 0 Health Insurance 0 Life Insurance business 0 NBFC 50.65 Broking 2.17 General Insurance Broking 0 Life Insurance Business 2.65 Others 18.2
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 Dealer 8.0 Broking 33.0 Axis 0 Proprietary 0 Bancassurance 1.0 Agency 29.0 Direct 29.0	-
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 Government securities 0 Other Approved investments 0 Investments in Infrastructure and Social Sector 13.2 Other Approved investments 46.44 Others 40.36	-
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 Traditional 0 Protection 0 Non-Participating(Non-Par) 0 Participating(Par) 0 Unit Linked Insurance Plan(ULIP) 0	-	Premium Break-Up - Life Insurance Traditional 73.0 Protection 3.0 Unit Linked Insurance Plan(ULIP) 24.0 Individual Protection 0 Group Protection 0 Non-Participating(Non-Par) 0 Renewal Premiums 0 Unit Linked Insurance Plan 0 Participating 0 Participating(Par) 0 Annuity 0 First Year Premiums 0 Non-Participating-Savings 0 Single Premiums 0

Max Financial Services Ltd.

Max Financial Services Ltd.

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