Max Financial Services Ltd. benchmarking: Performance to industry peers

Financial

	Max Financial	General Ins. Corp	ICICI Prudential
Operational Metrics
General Insurance
Risk Retention Ratio	77.0 %	91.0 %	n/a
Combined Ratio	95.0 %	105.32 %	n/a
Monthly Gross Direct Premium Income (GDPI)	290.55 Crs	3662.22 Crs	n/a
Life Insurance
13 Month Persistency Ratio	81.3 %	n/a	82.4 %
61 Month Persistency Ratio	57.4 %	n/a	59.4 %
Commission Ratio - Life Insurance	11.2 %	n/a	10.3 %
AUM - Life Insurance	192668.0 Crs	n/a	321494.0 Crs
New Business Performance - Life Insurance	2284.79 Crs	n/a	5581.05 Crs
Embedded Value	28110.0 Crs	n/a	50501.0 Crs
Claim Settlement Ratio	99.51 %	n/a	99.6 %
Value Of New Business Margin (VNB)	23.6 %	n/a	24.5 %
Management Expense Ratio - Life Insurance	27.6 %	n/a	17.5 %
Financials
5 yr Average ROE	8.99 %	0.0	0.0
5yr average Equity Multiplier	34.99	n/a	n/a
5yr Average Asset Turnover Ratio	0.27	n/a	n/a
5yr Avg Net Profit Margin	0.96 %	n/a	n/a
Price to Book	10.48	n/a	n/a
P/E	392.27	7.28	46.94
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 %	72.8 %
Share Pledged by Promoters	42.07 %	0.0	0.0
Change in Promoter Holding (3 Yrs)	-8.9 %	-3.38 %	-0.55 %
Change in Mutual Fund Holding (3 Yrs)	7.21 %	1.37 %	4.86 %

Business

	Max Financial	General Ins. Corp	ICICI Prudential
Product Wise Break-Up	Product Wise Break-Up Policyholders` Income from Life Insurance operations 98.54 Interest Income 1.15 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 0.29	Product Wise Break-Up ENGINEERING 0 Services 0 MARINE 0 Net gain on fair value changes 0 Rental 0 FL/Credit 0 Dividend Income 0 Life Insurance Business 5.0 Oth. Misc. 0 PERSONAL ACCIDENT 0 Health 20.0 0 Agricultural 9.0 Motors 16.0 AVIATION 0 FIRE INSURANCE 32.0 WORKMEN`S COMPENSATION 0 Interest Income 0 Liability 0 Others 18.0	Product Wise Break-Up ENGINEERING 0 Services 0 MARINE 0 Net gain on fair value changes 0 Rental 0 FL/Credit 0 Dividend Income 0 LIFE INSURANCE 0 Oth. Misc. 0 PERSONAL ACCIDENT 0 Health 0 0 Agriculture 0 MOTOR 0 AVIATION 0 FIRE INSURANCE 0 WORKMEN`S COMPENSATION 0 Interest Income 0 Liability 0 Others 100
Segment Break-Up	Segment Break-Up Life Insurance Business 99.96 Business Investments 0.04	-	-
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 100.0 Rest of the World 0
Operating Profit Break-Up	Operating Profit Break-Up Life Insurance business 100.0 Business Investments 0	-	-
Distribution Channel	Distribution Channel Bancassurance 52.0 Proprietary 48.0 Axis 0 Group 0 Partnership distribution 0 Direct 0 Agency 0	-	Distribution Channel Bancassurance 31.5 Direct 11.7 Proprietary 0 Axis 0 Agency 23.2 Group 20.2 Partnership Channel 13.4
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 0 0 Government securities 0 Others 0.25	Investment Break-Up Government securities 40.62 Other Approved investments 38.6 0 0 Other than Approved Investment 8.07 Government securities 0 Other Approved investments 0 Investments in Infrastructure and Social Sector 12.6 Others 0.11	Investment Break-Up 0 0 Investments in Infrastructure and Social Sector 22.98 Other Approved investments 29.49 Other than Approved Investment 0 Government securities 46.88 Other Approved investments 0 0 Others 0.65
Asset Break-Up	Asset Break-Up Others 100	-	-
Premium Break-Up - Life Insurance	Premium Break-Up - Life Insurance Renewal Premiums 62.31 First Year Premiums 25.68 Single Premiums 12.01 Annuity 0 Unit Linked Insurance Plan 0 Non-Participating-Savings 0 Group Protection 0 Individual Protection 0 Participating 0 Linked Group Pension 0 Linked Group Life 0 Linked Pension 0 Linked Life 0 Annuity Non participating 0 Non participating 0 Participating Life 0	-	Premium Break-Up - Life Insurance Linked Pension 2.35 Single Premiums 0 Linked Group Pension 0 Participating 0 First Year Premiums 0 Linked Group Life 0 Renewal Premiums 0 Annuity Non participating 0 Unit Linked Insurance Plan 0 Annuity 0 Non-Participating-Savings 0 Linked Life 46.85 Group Protection 0 Participating Life 10.71 Individual Protection 0 Non participating 34.0 Others 6.09

Max Financial Services Ltd.

Max Financial Services Ltd.

Financial

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