BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Max Financial Services Ltd. reported a strong quarter as value of new business margin expanded sharply to 39.3% in Q3 FY23 even as annual premium equivalent growth remained under pressure and declined 5% YoY (7% miss).
Within segments, non-participating continued its robust momentum led by annuity business, while individual protection too saw an improvement. Others remained under pressure.
Growth in APE was driven by the proprietary channels, which rose 13% YoY and contributed ~33% of overall APE. Conversely, the banca channel APE declined 12% YoY but recovered and jumped 36% QoQ.
Max Financial Services expects counter share to stabilise at ~70%, thereby sustaining the growth momentum over the medium term.
We expect the value of new business margin to sustain at ~30% and estimate an 18% APE compound annual growth rate over FY23-25.
Click on the attachment to read the full report:
Also Read: Star Health Q3 Results Review - Strong Performance Driven By A Beat On Premium: Motilal Oswal
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
RECOMMENDED FOR YOU
![](https://images.assettype.com/bloombergquint/2024-08-28/8pqfy0de/_1x_1.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Apple Cuts Jobs In Online Services Group As Priorities Shift
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-03/f2ce9de6-6b11-4447-801f-c6857c64cd2b/FMCG_products_kept_on_shelves_inside_DMart.jpeg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
FMCG, Retail Q1 Review - Margins To Remain Range-Bound As Rising Costs Offset Price, Mix Gains: Systematix
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2023-11/91f75883-bb5e-49a3-8448-e48e22b54974/LIC.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
LIC Q1 Results Review - Higher Target Multiple Needs Healthier RoEV Level: Yes Securities
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-07/02f2d1b0-505f-4781-9268-ce05a2da5765/budget.webp?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Budget 2024 To Signal Continuity With Shift In Spending Mix: Barclays Report
![timelogo](/images/amp-time.png)