Max Financial Services Ltd.

Financial

	Max Financial	Aditya Birla Capital	General Ins. Corp
Operational Metrics
General Insurance Sector
Risk Retention Ratio	77.0 %	97.29 %	91.0 %
Combined Ratio	95.0 %	115.0 %	103.56 %
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	438.37 Crs	3455.69 Crs
Life Insurance Sector
13 Month Persistency Ratio	82.0 %	82.46 %	n/a
61 Month Persistency Ratio	57.0 %	66.92 %	n/a
Commission Ratio - Life Insurance	10.0 %	10.41 %	n/a
AUM - Life Insurance	175072.0 Crs	99496.0 Crs	n/a
New Business Performance - Life Insurance	592.11 Crs	292.74 Crs	n/a
Embedded Value	25192.0 Crs	13812.0 Crs	n/a
Claim Settlement Ratio	99.51 %	98.1 %	n/a
Value Of New Business Margin (VNB)	24.0 %	18.0 %	n/a
Management Expense Ratio - Life Insurance	22.0 %	21.09 %	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	9.87	2.0	n/a
P/E	159.16	18.26	9.44
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	1.74 %	68.85 %	82.4 %
Share Pledged by Promoters	28.67 %	0.0	0.0
Change in Promoter Holding (3 Yrs)	-12.98 %	-2.22 %	-3.38 %
Change in Mutual Fund Holding (3 Yrs)	11.83 %	2.03 %	1.06 %

Business

	Max Financial	Aditya Birla Capital	General Ins. Corp
Product Wise Break-Up	Product Wise Break-Up Policyholders` Income from Life Insurance operations 98.85 Interest Income 1.12 Rental 0.02 Dividend Income 0.01 Services 0 Net gain on fair value changes 0 LIFE INSURANCE 0 MARINE 0 FL/Credit 0 Oth. Misc. 0 Agriculture 0 Health 0 PERSONAL ACCIDENT 0 Liability 0 WORKMEN`S COMPENSATION 0 ENGINEERING 0 AVIATION 0 MOTOR 0 FIRE INSURANCE 0	-	Product Wise Break-Up Engineering 4.65 FL/Credit 1.05 FIRE INSURANCE 38.85 Agricultural 3.02 Life Insurance Business 4.73 Rental 0 0 Oth. Misc. 3.28 WORKMEN`S COMPENSATION 0 Aviation 2.8 Liability 0.12 MARINE 3.38 Motors 18.92 Services 0 PERSONAL ACCIDENT 1.72 Interest Income 0 Dividend Income 0 Net gain on fair value changes 0 Health 15.82 Others 1.66
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 Broking 0.7 Home loans 5.55 Asset Management 3.5 Life Insurance Business 51.32 Health Insurance 10.3 NBFC 26.93 Business Investments 0 General Insurance Broking 0 Life Insurance Business 0 Others 1.7	-
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 73.72 Business Investments 26.28 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 Broking 0.76 Life Insurance business 0 Home loans 7.24 Asset Management 18.25 Life Insurance Business 2.96 Health Insurance 11.95 NBFC 52.49 Business Investments 0 General Insurance Broking 0 Others 6.35	-
Distribution Channel	Distribution Channel Bancassurance 55.0 Proprietary 42.0 Axis 0 Others 3.0	-	-
Investment Break-Up	Investment Break-Up Government securities 45.12 Other Approved investments 33.57 Investments in Infrastructure and Social Sector 13.96 Other Approved investments 7.31 Other than Approved Investment 0 0 0 Others 0.04	-	Investment Break-Up Other than Approved Investment 8.07 Government securities 40.62 Government securities 0 Investments in Infrastructure and Social Sector 12.6 Other Approved investments 38.6 Other Approved investments 0 Others 0.11
Asset Break-Up	Asset Break-Up Others 100	-	-
Premium Break-Up - Life Insurance	Premium Break-Up - Life Insurance Renewal Premiums 63.51 First Year Premiums 24.58 Single Premiums 11.91 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 First Year Premiums 0 Single Premiums 0 Group Protection 0 Protection 3.0 Non-Participating-Savings 0 Traditional 73.0 Individual Protection 0 Non-Participating(Non-Par) 0 Unit Linked Insurance Plan 0 Participating(Par) 0 Annuity 0 Renewal Premiums 0 Participating 0 Unit Linked Insurance Plan(ULIP) 24.0	-

Max Financial Services Ltd.

Max Financial Services Ltd.

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