Sharekhan has given Buy recommendation for Max Financial Services with a target price of Rs. 1250 in its research report issued on Jun 09, 2021

Sharekhan’s research report on Max Financial Services

Max Financials Services (MFS, holding company of Max Life Insurance) saw positive results from the subsidiary, Max Life Insurance (MLI) with smart pickup in VNB and new business margins. For Q4FY2021, Max Life saw individual APE up by 35.4% y-o-y and 65.5% q-o-q, led by the non-par savings business (up by 121% y-o-y) and ULIP business (43% y-o-y) in Q4FY2021. VNB grew by healthy 44% y-o-y. Healthy metrics continued with margin expanding to 25.2% in FY2021; persistency also improved and MLI achieved its decade-high new business market share of 10.8%.


We have maintained our Buy rating on the stock with a revised PT of Rs. 1,250.