India's Max Financial third-quarter profit triples on higher new business, margins

Max Financial Services

31/01/2023 15:19

BENGALURU, Jan 31 (Reuters) - Max Financial Services Ltd
 MAXI.NS  reported a nearly three-fold rise in quarterly profit,
helped by a surge in value of new business and margins.
    The country's largest non-bank private life insurance
company said profit rose to 2.25 billion rupees ($27.51 million)
in the quarter ended Dec. 31, from 748.6 million rupees a year
earlier.
    The company said new business surged 50% to 5.93 billion
rupees in the third quarter, with a best-ever quarterly margin
of 39.2%. New business margins are a measure of the expected
profitability of new businesses. 
    Max Financial said its net premium income grew 11.9% to
61.58 billion rupees. 
    New business rose 25% to 11.79 billion rupees in the last
nine months of 2022, while embedded value - a measure of future
cash flows in life insurance companies and a key financial gauge
for insurers - stood at 155.47 billion rupees, compared with
134.12 billion rupees a year earlier.
    The insurer's assets under management (AUM) were at 1.18
trillion rupees for the nine months ending Dec. 31, a rise of
16% from the previous year. 
    Last week, HDFC Life Insurance Co  HDFL.NS  reported a jump
in profit and said insurers continued to benefit from a
relatively robust economy, stable savings trends and favourable
regulatory regime.      
($1 = 81.7960 Indian rupees)
 (Reporting by Anuran Sadhu in Bengaluru; Editing by Eileen
Soreng and Krishna Chandra Eluri)
 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))