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.)

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.)

Value of New Business (VNB)
and New Business Margin (NBM)

Higher Protection products sales and increase in Non-Participating business lead to growth in VNB and NBM.

Value of New Business (VNB) (` Cr.)    New Business Margin (NBM) %

Operating Expenditure Ratio
(Opex/Net Premium)

Change in Operating Expenditure Ratio driven by increase in operational efficiency and investment in proprietary channels.

Operating Expenditure Ratio (Opex/Net Premium)

Individual Adjusted First Year

Stable growth in New Business Premium backed by robust performance across channels.

Individual Adjusted Premium Equivalent (` Cr.)

Embedded Value (EV) and
Operating RoEV

New business growth and healthy experience in persistency and mortality drive EV and RoEV growth.

EV (` Cr.)      Operating RoEV (%)

Claims Paid Ratio

Max Life continued leadership in Claims Paid Ratio in the life insurance industry. Paid death claims worth ` 452 Cr.

Claims Paid Ratio (%)

Conservation Ratio at


lower than FY2018 by

102 bps

Solvency Surplus of

`1,872 CR

Solvency Ratio at

242 %