Max Financial Services Ltd.

Financial

	Max Financial	HDFC-Amalgamated	Reliance Capital
Operational Metrics
General Insurance Sector
Risk Retention Ratio	77.0 %	n/a	61.7 %
Combined Ratio	95.0 %	n/a	116.3 %
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	n/a	904.0 Crs
Life Insurance Sector
13 Month Persistency Ratio	85.0 %	n/a	100.0 %
61 Month Persistency Ratio	55.0 %	n/a	95.8 %
Commission Ratio - Life Insurance	8.0 %	n/a	3.0 %
AUM - Life Insurance	134161.0 Crs	n/a	30609.0 Crs
New Business Performance - Life Insurance	505.61 Crs	n/a	91.31 Crs
Embedded Value	18709.0 Crs	n/a	5013.0 Crs
Claim Settlement Ratio	99.51 %	n/a	n/a
Value Of New Business Margin (VNB)	27.2 %	n/a	38.0 %
Management Expense Ratio - Life Insurance	22.0 %	n/a	28.0 %
Financials
5 yr Average ROE	9.89 %	13.81 %	68.55 %
5yr average Equity Multiplier	32.83	5.69	-26.12
5yr Average Asset Turnover Ratio	0.27	0.15	0.28
5yr Avg Net Profit Margin	1.11 %	16.24 %	-22.71 %
Price to Book	8.93	2.52	0.0
P/E	101.55	19.44	0.0
5yr Avg Cash Conversion Cycle	7.9 Days	n/a	n/a
Inventory Days	0.0	n/a	n/a
Days Receivable	7.9 Days	n/a	n/a
Days Payable	22.52 Days	n/a	n/a
5yr Average Interest Coverage Ratio	11.61	n/a	n/a
5yr Avg ROCE	13.44 %	n/a	n/a
5yr Avg Operating Profit Margin	2.72 %	n/a	n/a
5 yr average Debt to Equity	0.06	n/a	n/a
5yr CAGR Net Profit	7.59 %	n/a	n/a
5yr Average Return on Assets	0.3 %	n/a	n/a
Shareholdings
Promoter Holding	6.52 %	0.0	0.88 %
Share Pledged by Promoters	69.15 %	0.0	5.84 %
Change in Promoter Holding (3 Yrs)	-10.47 %	0.0	-0.63 %
Change in Mutual Fund Holding (3 Yrs)	9.65 %	5.17 %	0.0

Business

	Max Financial	HDFC-Amalgamated	Reliance Capital
Product Wise Break-Up	Product Wise Break-Up Policyholders` Income from Life Insurance operations 99.04 Interest Income 0.73 Net gain on fair value changes 0.2 Rental 0.01 Services 0.01 Dividend Income 0 Others 0.01	-	-
Segment Break-Up	Segment Break-Up Life Insurance Business 99.94 Business Investments 0.06 Asset Management 0 General Insurance 0 Life Insurance 0 Loans 0 Home finance 0 Commercial Finance 0 Finance & Investments 0	Segment Break-Up Life Insurance 43.79 Finance & Investments 0 Home finance 0 General Insurance 14.74 Commercial Finance 0 Loans 39.17 Life Insurance Business 0 Asset Management 1.47 Business Investments 0 Others 0.83	Segment Break-Up Life Insurance Business 31.12 Financial Services 2.0 Home finance 0 General Insurance 65.79 Commercial Finance 0 Loans 0 Life Insurance Business 0 Asset Management 0 Business Investments 0 Others 1.09
Location Wise Break-Up	Location Wise Break-Up India 100.0 Mauritius 0 Singapore 0 UAE 0 West 0 East 0 South 0 North 0	Location Wise Break-Up UAE 0 North India 27.0 Mauritius 0 Singapore 0 East India 4.0 West India 34.0 South India 35.0 India 0	Location Wise Break-Up UAE 0 North 0 Mauritius 0 Singapore 0 East 0 West 0 South 0 India 100.0
Operating Profit Break-Up	Operating Profit Break-Up Life Insurance business 99.83 Business Investments 0 Asset management 0 General Insurance 0 Life Insurance 0 Loans 0 Home Finance 0 Commercial Finance 0 Finance & Investments 0 Others 0.17	Operating Profit Break-Up Life Insurance business 0 Life Insurance 4.82 Finance & Investments 0 General Insurance 3.28 Commercial Finance 0 Asset management 6.36 Loans 83.12 Business Investments 0 Home Finance 0 Others 2.42	Operating Profit Break-Up Life Insurance business 0 Life Insurance 23.4 Finance & Investments 0 General Insurance 71.36 Commercial Finance 0 Asset management 0 Loans 0 Business Investments 0 Home Finance 0 Others 5.24
Distribution Channel	Distribution Channel Proprietary 47.0 Axis 0 Other Direct Selling Agent 0 Walk-Ins 0 HDFC Sales Pvt Ltd 0 HDFC Bank 0 Others 53.0	Distribution Channel Direct 2.0 Axis 0 Other Direct Selling Agent 16.0 HDFC Bank 31.0 HDFC Sales Pvt Ltd 51.0 Proprietary 0	-
Investment Break-Up	Investment Break-Up Government securities 53.79 Investments in Infrastructure and Social Sector 17.33 Other Approved investments 17.0 Other Approved investments 11.88	-	-
Asset Break-Up	Asset Break-Up India 0 Singapore 0 Mauritius 0 UAE 0 Others 100	Asset Break-Up Mauritius 0 UAE 0.09 India 99.9 Singapore 0.01	-
Premium Break-Up - Life Insurance	Premium Break-Up - Life Insurance Renewal Premiums 63.41 First Year Premiums 23.07 Single Premiums 13.52 Unit Linked Insurance Plan 0 Non-Participating-Savings 0 Group Protection 0 Individual Protection 0 Participating 0 First year premiums 0	-	Premium Break-Up - Life Insurance Group Protection 0 Non-Participating-Savings 0 Renewal Premium 78.03 Individual Protection 0 Unit Linked Insurance Plan 0 First Year Premiums 0 First year Premium 21.12 Single Premium 0.85 Participating 0

Max Financial Services Ltd.

Max Financial Services Ltd.

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