Max Financial Q1 Review - Steady Performance; New Business Margin Moderates On Seasonal Factors: Motilal Oswal
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Motilal Oswal Report
Max Life Insurance continued to demonstrate a resilient performance in a challenging macro environment, led by healthy 32% annual premium equivalent growth.
This was owing to robust growth in non-participating savings and recovery in unit linked investment plan.
However, protection growth has moderated, similar to that for peers.
On the distribution front, the strong push via the bancassurance channel has aided premium growth, while proprietary channel growth was impacted by Covid 2.0.
Max Life's value of new business margin declined to ~19.7% in Q1 FY22 (versus 24% in Q4 FY21), largely affected by seasonality due to the drag from operating cost and rising ULIP mix.
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