Max Financial Services Ltd. benchmarking: Perfomance 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 %	109.15 %	115.0 %
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	3200.57 Crs	536.93 Crs
Life Insurance
13 Month Persistency Ratio	86.0 %	n/a	84.56 %
61 Month Persistency Ratio	54.0 %	n/a	57.09 %
Commission Ratio - Life Insurance	10.0 %	n/a	11.51 %
AUM - Life Insurance	185336.0 Crs	n/a	104492.0 Crs
New Business Performance - Life Insurance	966.66 Crs	n/a	1122.69 Crs
Embedded Value	26895.0 Crs	n/a	13812.0 Crs
Claim Settlement Ratio	99.51 %	n/a	98.1 %
Value Of New Business Margin (VNB)	23.3 %	n/a	11.6 %
Management Expense Ratio - Life Insurance	28.0 %	n/a	27.61 %
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	10.81	n/a	2.65
P/E	355.74	6.94	26.09
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	1.71 %	82.4 %	68.7 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-13.01 %	-3.38 %	-2.36 %
Change in Mutual Fund Holding (3 Yrs)	10.61 %	0.67 %	5.45 %

Business

	Max Financial	General Ins. Corp	Aditya Birla Capital
Product Wise Break-Up	Product Wise Break-Up Policyholders` Income from Life Insurance operations 98.52 Interest Income 1.18 Rental 0.01 Dividend Income 0.01 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 0.28	Product Wise Break-Up PERSONAL ACCIDENT 0 Motors 16.0 ENGINEERING 0 Net gain on fair value changes 0 Services 0 Health 21.0 Dividend Income 0 Life Insurance Business 5.0 Agricultural 11.0 AVIATION 0 0 FL/Credit 0 Rental 0 Liability 0 FIRE INSURANCE 31.0 WORKMEN`S COMPENSATION 0 Interest Income 0 MARINE 0 Oth. Misc. 0 Others 16.0	-
Segment Break-Up	Segment Break-Up Life Insurance Business 99.95 Business Investments 0.05 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 Life Insurance Business 0 Life Insurance Business 39.42 Home loans 7.83 NBFC 35.06 Asset Management 4.94 Health Insurance 11.31 General Insurance Broking 0 Broking 0.99 Business Investments 0 Others 0.45
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up India 99.95 Rest of the World 0.05
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 Life Insurance Business 2.56 Home loans 10.2 NBFC 61.25 Asset Management 24.64 Life Insurance business 0 Health Insurance 0 General Insurance Broking 0 Broking 1.36 Business Investments 0
Distribution Channel	Distribution Channel Bancassurance 49.0 Proprietary 48.0 Axis 0 Others 3.0	-	-
Investment Break-Up	Investment Break-Up Government securities 45.12 Other Approved investments 33.57 Investments in Infrastructure and Social Sector 13.96 Other Approved investments 7.31 Other than Approved Investment 0 0 0 Others 0.04	Investment Break-Up Government securities 40.62 Other Approved investments 38.6 Investments in Infrastructure and Social Sector 12.6 Other than Approved Investment 8.07 Government securities 0 Other Approved investments 0 Others 0.11	-
Asset Break-Up	Asset Break-Up Others 100	-	-
Premium Break-Up - Life Insurance	Premium Break-Up - Life Insurance Renewal Premiums 63.51 First Year Premiums 24.58 Single Premiums 11.91 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	-	Premium Break-Up - Life Insurance Non-Participating-Savings 0 Participating(Par) 0 Annuity 0 Individual Protection 0 Protection 3.0 Traditional 55.0 Participating 0 First Year Premiums 0 Unit Linked Insurance Plan 0 Renewal Premiums 0 Group Protection 0 Non-Participating(Non-Par) 0 Unit Linked Insurance Plan(ULIP) 35.0 Single Premiums 0 Others 7.0

Max Financial Services Ltd.

Max Financial Services Ltd.

Financial

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