Annual Report 2018-19

Powering Profitable Growth

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Our Enterprise

Max Financial Services Limited, a multi-business corporate, is part of the US $3.2 billion Max Group.

Focussed on Life Insurance, it owns and actively manages a 71.8% stake in Max Life Insurance, India’s largest non-bank, private life insurance company. MFS earned a revenue of ` 19,501 crore in FY 2019. The company is listed on NSE and BSE

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Max India Limited, a multi-business corporate, is part of the US $3.2 billion Max Group.

Focused on Healthcare and Allied business, it owns and actively manages a 49.7% stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living. Max India earned revenue of ` 3,688 crore in FY 2019, having a customer base of 7 million.

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Incorporated in 2015, Max Ventures & Industries Limited (MaxVIL), is a part of US $3.2 billion Max Group.

The Company owns and operates real estate business through its 100% subsidiary, Max Estates, and a packaging films business through Max Speciality Films, a 51:49 strategic partnership with Toppan, Japan. MaxVIL also has an investment subsidiary, Max I., MaxVIL is listed on NSE and BSE.

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Measures of Success

MFS Consolidated

`19,501 CR


Max Life Gross Written

`14,575 CR


Max Life Value of New

`856 CR


Our Values


We encourage a culture of service and helpfulness so that our actions positively impact society. Our commitment to Seva defines and differentiates us.


We gather the experts and the expertise to deliver the best solutions for life’s many moments of truth. We never settle for good enough.


We give you our word. And we stand by it. No matter what. A ‘No’ uttered with the deepest conviction is better than a ‘Yes’ merely uttered to please, or worse, to avoid trouble. Our words are matched by our actions and behaviour.

Chairman & MD’s Letter

Dear Shareholders,

As you may recall, last year we had outlined a renewed growth plan for Max Financial Services Limited’s (MFSL) sole operating subsidiary Max Life Insurance Company (Max Life). We shared with you Max Life's ambitious plans for its proprietary channels to nearly double its offices and rapidly increase its agency force while continuing to develop its digital and direct sales channels.

Read Full Letter Max Life plans to achieve its target of 25% New Business Margin, Return on Embedded Value and 25% growth in Value of New Business through a well-defined strategy encompassing digitisation, a superior customer service experience, reinvigoration of its proprietary channels and an increased focus on protection products.
ANALJIT SINGHFounder & Chairman
MOHIT TALWARmanaging director

Analjit Singh Chairman

Mohit Talwar Managing Director

Business Review

Shareholder Pre Tax Profit and
Gross Written Premium

Consistently strong premium growth; shareholder profits impacted by investments made for expansion to fuel future growth.

Shareholder Pre Tax Profit (` Cr.)    Gross Written Premium (` Cr.)

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Assets Under

Max Life's AUM crosses ` 60,000 Cr. It is now the fourth largest life insurer in terms of AUM.

Assets Under Management (` Cr.)

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Management Discussion and Analysis