Sharekhan's research report on Max Financial Services
Max Life Insurance reported strong new business premiums (on APE basis) growth of 15% y-o-y and down by 45% q-o-q to Rs. 1,009 crore, driven by strong growth in PAR and ULIP sales. Protection business grew by a moderate 7% y-o-y. VNB grew by ~24% y-o-y to Rs.213 crore. VNB margin stood at 21.1%, up by 140 bps y-o-y, aided by better margins of new products across categories. Company reiterated its strategy to focus on annuity segment (was up by 125% y-o-y in Q1FY23) going ahead. It reiterated VNB margin guidance at 25-26% by FY23.
We maintain a Buy on the stock with a revised price target (PT) of Rs. 1,020.
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