Max Financial Services Ltd. benchmarking: Perfomance to industry peers

Financial

	Max Financial	General Ins. Corp	Star Health & Allied
Operational Metrics
General Insurance
Risk Retention Ratio	77.0 %	91.0 %	95.84 %
Combined Ratio	95.0 %	109.15 %	103.79 %
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	3200.57 Crs	1406.13 Crs
Life Insurance
13 Month Persistency Ratio	86.0 %	n/a	n/a
61 Month Persistency Ratio	54.0 %	n/a	n/a
Commission Ratio - Life Insurance	10.0 %	n/a	n/a
AUM - Life Insurance	185336.0 Crs	n/a	n/a
New Business Performance - Life Insurance	966.66 Crs	n/a	n/a
Embedded Value	26895.0 Crs	n/a	n/a
Claim Settlement Ratio	99.51 %	n/a	n/a
Value Of New Business Margin (VNB)	23.3 %	n/a	n/a
Management Expense Ratio - Life Insurance	28.0 %	n/a	n/a
Financials
5 yr Average ROE	8.99 %	0.0	0.0
5yr average Equity Multiplier	34.99	n/a	n/a
5yr Average Asset Turnover Ratio	0.27	n/a	n/a
5yr Avg Net Profit Margin	0.96 %	n/a	n/a
Price to Book	11.0	n/a	n/a
P/E	362.01	7.0	50.5
5yr Avg Cash Conversion Cycle	7.85 Days	n/a	n/a
Inventory Days	0.0	n/a	n/a
Days Receivable	7.85 Days	n/a	n/a
Days Payable	0.0	n/a	n/a
5yr Average Interest Coverage Ratio	8.67	n/a	n/a
5yr Avg ROCE	10.52 %	n/a	n/a
5yr Avg Operating Profit Margin	1.82 %	n/a	n/a
5 yr average Debt to Equity	0.12	n/a	n/a
5yr CAGR Net Profit	-5.11 %	n/a	n/a
5yr Average Return on Assets	0.26 %	n/a	n/a
Shareholdings
Promoter Holding	1.71 %	82.4 %	58.02 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-13.01 %	-3.38 %	-0.61 %
Change in Mutual Fund Holding (3 Yrs)	10.61 %	0.67 %	13.58 %

Business

	Max Financial	General Ins. Corp	Star Health & Allied
Product Wise Break-Up	Product Wise Break-Up Policyholders` Income from Life Insurance operations 98.52 Interest Income 1.18 Rental 0.01 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 Others 0.28	Product Wise Break-Up Oth. Misc. 0 AVIATION 0 Services 0 MARINE 0 0 FIRE INSURANCE 31.0 FL/Credit 0 Dividend Income 0 Interest Income 0 WORKMEN`S COMPENSATION 0 Rental 0 Agricultural 11.0 Health 21.0 Life Insurance Business 5.0 Net gain on fair value changes 0 ENGINEERING 0 Motors 16.0 PERSONAL ACCIDENT 0 Liability 0 Others 16.0	-
Segment Break-Up	Segment Break-Up Life Insurance Business 99.95 Business Investments 0.05 Personal Accident 0 Health Insurance 0	-	Segment Break-Up Business Investments 0 Personal Accident 0 Life Insurance Business 0 Health Insurance 100.0
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 100.0 Rest of the World 0
Operating Profit Break-Up	Operating Profit Break-Up Life Insurance business 100.0 Business Investments 0 Personal Accident 0 Health Insurance 0	-	Operating Profit Break-Up Health Insurance 100.0 Life Insurance business 0 Personal Accident 0 Business Investments 0
Distribution Channel	Distribution Channel Bancassurance 49.0 Proprietary 48.0 Axis 0 Others 3.0	-	Distribution Channel Bancassurance 0 Proprietary 0 Axis 0 Others 100
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 Other Investments 0 Others 0.04	Investment Break-Up Other than Approved Investment 8.07 Government securities 40.62 Other Investments 0 Other Approved investments 0 Other Approved investments 38.6 Investments in Infrastructure and Social Sector 12.6 Government securities 0 Others 0.11	Investment Break-Up Other than Approved Investment 0 0 Other Investments 16.28 Other Approved investments 0 0 Investments in Infrastructure and Social Sector 10.74 Government securities 0 Others 72.98
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	-	-

Max Financial Services Ltd.

Max Financial Services Ltd.

Financial

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