Earnings Review
Max Financial's PAT falls for 2nd straight qtr in Oct-Dec
This story was originally published at 21:38 IST on 4 February 2025
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--Max Financial Oct-Dec consol PAT INR 560.4 mln vs INR 1.49 bln year ago
--Max Fincl Oct-Dec consol revenue INR 89.23 bln vs INR 123.56 bln year ago
--Max Financial Apr-Dec consol PAT INR 2.96 bln vs INR 3.84 bln year ago
--Max Fincl Apr-Dec consol revenue INR 340.94 bln vs INR 316.88 bln year ago
By Shubham Rana
NEW DELHI – Max Financial Services Ltd.'s consolidated net profit declined for the second quarter in a row as policyholders income from life insurance operations fell sharply, according to the financial results released late Tuesday. Shares of the company ended the day's trading session 1.6% higher at INR 1,100.85 on the National Stock Exchange.
The company reported a net profit of INR 560.4 million for the December quarter, down 62% on year and 50% on quarter. It had reported a net profit of INR 1.13 billion for the September quarter.
Policyholders income from life insurance operations fell 28% on year to INR 88.09 billion in Oct-Dec, which brought down the total revenue from operations to INR 89.23 billion, from INR 123.56 billion a year ago.
For the nine months ended December, the company has reported a consolidated net profit of INR 2.96 billion, compared to INR 3.84 billion a year ago. The revenue from operations during Apr-Dec was INR 340.94 billion, up 7.8% on year.
LIFE INSURANCE
Axis Max Life Insurance Ltd., in which Max Financial Services has 80% stake, saw its assets under management rise 20% on year to INR 1.72 trillion as of Dec. 31. The value of new business was unchanged on year at INR 4.89 billion in Oct-Dec.
The new business premium of Axis Max Life Insurance rose 16% on year to INR 80.91 billion in Apr-Dec, the company said in a press release. Gross written premium of the company was INR 213.60 billion in Apr-Dec, up 14% on year.
The life insurer's total annualised premium equivalent rose 24% to INR 8.88 billion in Oct-Dec.
The name of Max Life Insurance was changed to Axis Max Life Insurance in December. Axis Bank had in April infused INR 16.12 billion into Max Life Insurance, after which the Axis Group held 19.02% in Max Life. It further bought 0.97% more stake in Max Life in June, taking the stake of its entities to 19.99%, after being on-boarded as a co-promoter in April 2021. End
Edited by Rajeev Pai
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