Max Financial Q2 Results Review - Strong APE Growth Driven By 23% Growth In NOP: Motilal Oswal

Motilal Oswal Report

Max Financial Services Ltd. reported a steady performance in Q2 FY25. New business annual premium equivalent grew 31.3% YoY to Rs 21.7 billion (in-line), while for H1 FY25, it grew 31% YoY to Rs 36.2 billion.

Max Life reported a value of new business growth of 23.1% YoY to Rs 5.1 billion (in-line) and for H1 FY25, it grew 16% YoY to Rs 7.7 billion, due to strong growth in rider attachment.

VNB margins expanded sequentially to 23.6% in Q2 FY25 from 17.5% in Q1 FY25 (~600 bp jump) due to operating leverage and strong growth in volumes and rider attachment. The management guides to maintain a double-digit VNB growth and margin in the range of 23-24% for FY25.

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