Q1 2025 Max Financial Services Ltd Earnings Call Transcript
Key Points
- Max Financial Services Ltd (BOM:500271) reported a robust 27% growth in individual adjusted first-year premium, outpacing private sector and overall industry growth rates.
- The company achieved a significant 31% growth in total APE for Q1, driven by a 27% increase in the number of policies.
- Max Life Insurance was honored with the Laureate distinction by Great Places to Work institute and ranked number 28 among 1750 organizations.
- The online channel expanded more than 200% in Q1 FY25, fueled by strong demand for new fund offers targeting the online savings segments.
- Max Life Insurance achieved a best-in-industry claims paid ratio of 99.65% for FY24, demonstrating its commitment to customer satisfaction.
- The company's margin for Q1 FY25 was lower at 17.5%, compared to the previous year, due to a tactical shift towards unit-linked products.
- The bank assurance channel grew at a slower rate of 9% in APE compared to proprietary channels.
- The implementation of new surrender regulations by IDI is expected to impact margins by 100 to 200 basis points.
- Increased headcount in the distribution function led to a 14% rise in policyholder operating expenses.
- The company's focus on unit-linked products in the digital space and bank channels resulted in a lower non-par contribution, affecting overall margins.
Ladies and gentlemen, good day, and welcome to Max Financial Services Limited Q1 FY25 earnings conference call. (Operator instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Amrit Singh, Chief Financial Officer, Max Financial Services Limited and Max Life Insurance Company Limited. Thank you, and over to you sir.
Thank you, Bill. Good morning to everyone, and welcome to Max Financial Services earnings call for the quarter ended June 2024. Our results were made available on our website and on the stock exchanges last evening. And today, as always, I'm joined by the Prashant Tripathy, Managing Director and CEO of Max Life Insurance. I'll hand it over to him to share key developments and insights from the first-quarter.
Thank you, Amrit, good morning, everyone, and thanks for being on the call. We've had a
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