*Max Financial Services Ltd. - C* | *CMP* Rs. 1015 | *M Cap* Rs. 35027 Cr | *52 W H/L* 978/401
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
APE came at Rs. 1916 Cr vs expectation of Rs. 1713.5 Cr, YoY Rs. 1376 Cr, QoQ Rs. 1226 Cr
Value of New Business (VNB) came at Rs. 461 Cr vs expectation of Rs. 463.5 Cr, YoY Rs. 113 Cr, QoQ Rs. 350 Cr
Value of New Business Margin (%) came at 24.1 % vs expectation of 27.1 %, YoY 23.3 %, QoQ 28.5 %
Margins declined QoQ due to adverse product mix as the share of protection and Non-Par products reduced slightly while that of ULIP and Participating products increased. Although on annual basis, the share of high margin products like Individual Protection continued to increase from 8% to 9% and Non-Par also increased from 18% to 30% YoY.
13th month persistency came at 84 %, YoY 83 %, QoQ 83 %
61st month persistency came at 54 %, YoY 52 %, QoQ 54 %
Pvt. Market Shares came at 10.8 %, YoY 10.0 %, QoQ 10.6 %
AUM came at Rs. 90407 Cr, YoY Rs. 68471 Cr, QoQ Rs. 84724 Cr
During FY21 company experienced Rs.121 Cr of net claims on account of COVID-19 which were neutralized by provisions held at the start of the year
Provisions in excess of Rs. 500 Cr exist to neutralize any adverse impact of COVID in wave 2 during FY22.
Quarter EPS is Rs. 2.2
Share is trading at Mkt Cap/EV of 3.0x
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
APE came at Rs. 1916 Cr vs expectation of Rs. 1713.5 Cr, YoY Rs. 1376 Cr, QoQ Rs. 1226 Cr
Value of New Business (VNB) came at Rs. 461 Cr vs expectation of Rs. 463.5 Cr, YoY Rs. 113 Cr, QoQ Rs. 350 Cr
Value of New Business Margin (%) came at 24.1 % vs expectation of 27.1 %, YoY 23.3 %, QoQ 28.5 %
Margins declined QoQ due to adverse product mix as the share of protection and Non-Par products reduced slightly while that of ULIP and Participating products increased. Although on annual basis, the share of high margin products like Individual Protection continued to increase from 8% to 9% and Non-Par also increased from 18% to 30% YoY.
13th month persistency came at 84 %, YoY 83 %, QoQ 83 %
61st month persistency came at 54 %, YoY 52 %, QoQ 54 %
Pvt. Market Shares came at 10.8 %, YoY 10.0 %, QoQ 10.6 %
AUM came at Rs. 90407 Cr, YoY Rs. 68471 Cr, QoQ Rs. 84724 Cr
During FY21 company experienced Rs.121 Cr of net claims on account of COVID-19 which were neutralized by provisions held at the start of the year
Provisions in excess of Rs. 500 Cr exist to neutralize any adverse impact of COVID in wave 2 during FY22.
Quarter EPS is Rs. 2.2
Share is trading at Mkt Cap/EV of 3.0x
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