Max Financial Services recently announced that its net profit has increased by 12% to touch Rs.75.44 crore during the first quarter of FY18-19. The company’s net profit during the corresponding period in the previous fiscal was Rs.67.19 crore. The firm’s total income touched a sum of Rs.129.13 crore for the quarter that ended in June 2018, as compared to Rs.94.10 crore in the previous financial year.
Max Life Insurance is Max Financial Services’ only operating subsidiary. Max Life Insurance’s assets under management (AUM) for the period under review was Rs.53,940 crore, which was up by 18% from the previous year.
Mr. Mohit Talwar, Managing Director of Max Financial Services, said that the growth of the Max Life Insurance’s value of new business and embedded value indicates a continued focus on profitable new business and strong fundamentals in the firm’s current business.
Max Life Insurance, which was formed in a joint venture between Max Financial Services and Mitsui Sumitomo Insurance, is one of the leading private-sector life insurance companies in the country. The insurance firm offers a number of life insurance and health insurance solutions as part of its product portfolio.
Max Financial Services is part of the Max Group and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The firm’s investor base includes a number of international financial institutions like Juniper, Vanguard, KKR, Aberdeen, Wasatch, etc.
Sources: Business Standard, Money Control