HDFC Securities: Max Financial Delivers Q2 Margin Beat
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HDFC Securities Report
Despite a difficult environment, Max Financial Services Ltd. delivered an annual premium equivalent growth of 10.4% YoY.
A significant share of non-participating savings in the mix drove margin higher by 320/710 basis points YoY/QoQ to 24.2% in H1 FY21.
We expect the margins to moderate in H2. We expect an FY21-23E annual premium equivalent /value of new business compound annual growth rate of 12.6/15.4% and have adjusted our estimates to build in higher margins.
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