Max Financial Services Logs Strong Q3 Performance; New Business Value Expansion Continues: Dolat Capital
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Dolat Capital Report
Max Financial Services Ltd.’s gross written premium grew 19.3% in Q3 FY21 to Rs 46.3 billion driven by a strong growth in single premium, up 36.3% YoY.
New business annual premium equivalent grew 22% in Q3 FY21 to Rs 12.3 billion and 11% YoY in nine months FY21 driven by the launch of the new Smart Wealth Plan and the push in the protection segment.
Savings APE grew approximately 21% YoY in Q3 FY21 to Rs 10.8 billion led by a 2.2 times growth in the non-par savings business to Rs 4.4 billion and a strong recovery in unit linked insurance plans, up 19% YoY to Rs 4.5 billion.
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