February 16, 2017 / 11:34 IST
Max Financial Services’ (MFS; holding company for life insurance) Q3FY17 performance held in good stead. Growth momentum in life insurance business sustained and delivered across critical business metrics— persistency, healthy AUM accretion and stable expense ratio. Further, MFS will merge with HDFC Life pursuant to various approvals (recent developments indicate the merger may be delayed by a couple of months pending regulators’ approvals).
Outlook
We believe, the merged entity will emerge stronger and operating leverage benefits will help it clock even better RoEVs (refer our note, Life Insurance: Coming of age, dated September 12, 2016). Maintain ‘BUY’.
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