Traditionally a Par player, MAXLIFE has significantly diversified its product mix and has made significant strides to capture the protection and non-par segment. MAXF has been able to build a strong franchise with a profitable agency channel. AXIS bank transaction will also give more comfort to the renewal on the bancassurance tie-up which is due to expire in September 2021. MAXF has already delivered strong growth thus far and we believe stock price largely reflects the positives from the AXIS deal as well as top-line growth.
OutlookAs most positives are already factored in, we initiate with an ACCUMULATE rating with TP of Rs784, implying a FY-22E P/EV of 1.9x. The stock currently trades at a FY22 P/EV of 1.6x.
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