Max Financial Services Ltd. benchmarking: Performance to industry peers

Financial

	Max Financial	General Ins. Corp	Aditya Birla Capital
Operational Metrics
General Insurance
Risk Retention Ratio	77.0 %	91.0 %	97.29 %
Combined Ratio	95.0 %	105.32 %	115.0 %
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	3662.22 Crs	613.83 Crs
Life Insurance
13 Month Persistency Ratio	81.3 %	n/a	78.78 %
61 Month Persistency Ratio	57.4 %	n/a	57.8 %
Commission Ratio - Life Insurance	11.2 %	n/a	10.63 %
AUM - Life Insurance	192668.0 Crs	n/a	110048.0 Crs
New Business Performance - Life Insurance	1235.45 Crs	n/a	1003.71 Crs
Embedded Value	28110.0 Crs	n/a	13812.0 Crs
Claim Settlement Ratio	99.51 %	n/a	98.1 %
Value Of New Business Margin (VNB)	23.6 %	n/a	14.6 %
Management Expense Ratio - Life Insurance	27.6 %	n/a	20.49 %
Financials
5 yr Average ROE	8.99 %	0.0	13.25 %
5yr average Equity Multiplier	34.99	n/a	8.97
5yr Average Asset Turnover Ratio	0.27	n/a	0.15
5yr Avg Net Profit Margin	0.96 %	n/a	9.79 %
Price to Book	11.38	n/a	2.62
P/E	425.97	6.63	24.06
5yr Avg Cash Conversion Cycle	7.85 Days	n/a	n/a
Inventory Days	0.0	n/a	n/a
Days Receivable	7.85 Days	n/a	n/a
Days Payable	0.0	n/a	n/a
5yr Average Interest Coverage Ratio	8.67	n/a	n/a
5yr Avg ROCE	10.52 %	n/a	n/a
5yr Avg Operating Profit Margin	1.82 %	n/a	n/a
5 yr average Debt to Equity	0.12	n/a	n/a
5yr CAGR Net Profit	-5.11 %	n/a	n/a
5yr Average Return on Assets	0.26 %	n/a	n/a
Shareholdings
Promoter Holding	1.25 %	82.4 %	68.58 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-10.2 %	-3.38 %	-2.47 %
Change in Mutual Fund Holding (3 Yrs)	7.23 %	1.07 %	6.34 %

Business

	Max Financial	General Ins. Corp	Aditya Birla Capital
Product Wise Break-Up	Product Wise Break-Up Policyholders` Income from Life Insurance operations 98.39 Interest Income 1.55 Dividend Income 0.03 Rental 0.02 Services 0 Net gain on fair value changes 0 LIFE INSURANCE 0 MARINE 0 FL/Credit 0 Oth. Misc. 0 Agriculture 0 Health 0 PERSONAL ACCIDENT 0 Liability 0 WORKMEN`S COMPENSATION 0 ENGINEERING 0 AVIATION 0 MOTOR 0 FIRE INSURANCE 0 Others 0.01	Product Wise Break-Up Agricultural 11.0 Services 0 WORKMEN`S COMPENSATION 0 0 FIRE INSURANCE 31.0 Liability 0 MARINE 0 ENGINEERING 0 Net gain on fair value changes 0 Interest Income 0 Dividend Income 0 AVIATION 0 Life Insurance Business 5.0 Oth. Misc. 0 Health 21.0 FL/Credit 0 PERSONAL ACCIDENT 0 Rental 0 Motors 16.0 Others 16.0	-
Segment Break-Up	Segment Break-Up Life Insurance Business 99.94 Business Investments 0.06 NBFC 0 Health Insurance 0 Stock and Securities Broking 0 General Insurance Broking 0 Asset Management 0 Life Insurance 0 Housing Finance 0	-	Segment Break-Up Health Insurance 11.18 Broking 0.85 Home loans 7.76 Business Investments 0 NBFC 33.28 Life Insurance Business 42.62 Asset Management 4.01 General Insurance Broking 0 Life Insurance Business 0 Others 0.3
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up Rest of the World 0 India 100.0	Location Wise Break-Up Rest of the World 0.05 India 99.95
Operating Profit Break-Up	Operating Profit Break-Up Life Insurance business 100.0 Business Investments 0 NBFC 0 Health Insurance 0 Stock and Securities Broking 0 General Insurance Broking 0 Asset Management 0 Life Insurance 0 Housing Finance 0	-	Operating Profit Break-Up Health Insurance 0 Broking 0.92 Home loans 12.54 Business Investments 0 NBFC 61.82 Life Insurance Business 4.33 Asset Management 20.4 Life Insurance business 0 General Insurance Broking 0
Distribution Channel	Distribution Channel Bancassurance 53.0 Proprietary 47.0 Axis 0	-	-
Investment Break-Up	Investment Break-Up Government securities 46.72 Other Approved investments 31.59 Investments in Infrastructure and Social Sector 14.36 Other Approved investments 7.08 Other than Approved Investment 0 0 0 Others 0.25	Investment Break-Up Other than Approved Investment 8.07 Investments in Infrastructure and Social Sector 12.6 Government securities 40.62 Other Approved investments 0 Other Approved investments 38.6 Government securities 0 Others 0.11	-
Asset Break-Up	Asset Break-Up Others 100	-	-
Premium Break-Up - Life Insurance	Premium Break-Up - Life Insurance Renewal Premiums 61.91 First Year Premiums 25.25 Single Premiums 12.83 Annuity 0 Unit Linked Insurance Plan 0 Non-Participating-Savings 0 Group Protection 0 Individual Protection 0 Participating 0 Traditional 0 Protection 0 Non-Participating(Non-Par) 0 Participating(Par) 0 Unit Linked Insurance Plan(ULIP) 0 Others 0.01	-	Premium Break-Up - Life Insurance Unit Linked Insurance Plan 0 Participating 0 First Year Premiums 0 Non-Participating-Savings 0 Group Protection 0 Non-Participating(Non-Par) 0 Single Premiums 0 Participating(Par) 0 Traditional 55.0 Protection 3.0 Annuity 0 Renewal Premiums 0 Unit Linked Insurance Plan(ULIP) 35.0 Individual Protection 0 Others 7.0

Max Financial Services Ltd.

Max Financial Services Ltd.

Financial

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