Max Financial Services Limited
Max Financial Services Limited (MFS), a part of the Max Group, is the holding company for Max Life, India’s largest non-bank, private life insurance company. Max Financial Services owns and actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan-headquartered global leader in life insurance.
Max Life is India’s fourth largest private life insurance company. It has emerged as a benchmark for the life insurance industry in India across several dimensions including customer persistency, high-performance bancassurance and agency channels, enviable relationships with distribution partners, strong and tenured management, focus on long-term savings and protection products and superior management of costs.
The company’s investor base includes marquee global financial institutions such as KKR, Baron, Ward ferry, New York Life, Vanguard, Blackrock, Jupiter, Norges, Neuberger Burman, Eastspring and Dimension.
The other entities in the Max Group are Max India Limited, which has a presence in the senior living and healthcare industry, and Max Ventures and Industries Limited, which serves as the Group’s entrepreneurial arm to explore the ‘wider world of business.’
Max India Foundation (MIF) represents the Max Group’s social responsibility aspirations. The Foundation’s work is focussed on healthcare for the underprivileged and has over 400 NGO partners. It is a manifestation of the Group philosophy of Sevabhav touching over 1.7 million lives with compassion and care.
For the quarter ended 31-03-2021, the company has reported a Consolidated Total Income of Rs 9,760.31 Crore, up by 8.56% from last quarter Total Income of Rs 8,990.28 Crore and up 128.81% from last year same quarter Total Income of Rs 4,265.64 Crore. Meanwhile, the company reported profit after tax at Rs.70.03 Cr from Rs.6.67Cr in last quarter of FY19-20,and increase of more than ten times. While claim settlement ratio increased from 99.22% to 99.35%.
The Q4 results of Max Financial Services were exhilarating.
