Kolkata: Max Financial Services Limited has recorded consolidated revenue of 7,709 crore in Q1 FY25, a 21 per cent growth buoyed by higher investment income.
The consolidated revenue excluding investment income at 5,235 crore grew by 11 per cent year-on-year during the quarter.
In Q1 FY25, Max Life Insurance Col Ltd.’s (Max Life/ the Company) New Business Premium (Individual and Group) grew by 12% to 2,075 crore and Individual Adjusted First Year Premium grew by 27% to 1,260 crore leading to private market share gain by 22 bps to 8.8%. Number of new retail policies grew by 27%, according to a media statement here on Wednesday.
Further, the renewal premium rose 10% to 3,323 crore, taking the Gross Written Premium to 5,399 crore, an increase of 11% over the previous financial year.
Max Life registered a strong increase in Profit before Tax which grew by 46% to 151 crore in Q1 FY25. Max Life’s Embedded value grew by 30%, standing at 22,043 crore, and Operating RoEV is at 14.2%.
The company’s VNB grew by 3% at 254 crore during Q1 FY’25, vs 247 crore at Q1 FY’24. Further, the Total Annualised Premium Equivalent (APE) rose by 31% to 1,453 crore in the quarter.
Prashant Tripathy, CEO and Managing Director, Max Life, said, “At Max Life, we are committed to delivering consistent and sustainable business outcomes. Our performance in Q1 FY25 reflects this focus, with secular growth in Individual Adjusted First Year Premium and an expanded presence in the private market. These results highlight the effectiveness of our strategic priorities—scaling proprietary channels, building strong partnerships, and reaching new customer segments. As we move forward, we remain dedicated to creating lasting value for our customers, shareholders, and partners.”
In Q1 FY25, Max Life’s Proprietary channels’ Annual Premium Equivalent (APE) grew by 60% in Q1 FY25 on Y-o-Y basis secular growth driven within Agency, Cross-sell and E-commerce. The contribution of Proprietary channels to total new sales increased from 40% in Q1FY24 to 49% in Q1 FY25.
The company maintained leadership position in overall E-commerce business with Rank #1, both in online Protection, and in online Savings. The new business growth was fuelled by strong growth in Protection C Health, Group Credit Life and Retail Annuity business. Protection C Health grew by 53%, Group Credit Life grew by 49% and Retail Annuity business by 42%. Additionally, Max Life has successfully on-boarded 7 new partners in Q1 FY25, including Catholic Syrian Bank Limited (CSB Bank).
Focusing on product innovation, Max Life launched a Flexi Cap Fund predominantly for the E- Commerce and Banca Customers in Q1 FY25 designed to capitalise increasing interest in Index funds. The Company also introduced the Max Life Smart Wealth Annuity Guaranteed Pension.
