ALSO READMax India cites delay,calls off Max Life-HDFC Life merger plan HDFC, Max Fin say no communication from govt on merger Max India shelves Max Life-HDFC Life merger plan Haven't revised merger structure with Max Life Insurance: HDFC firm Max India provides update on composite scheme of amalgamation and arrangement
Max Financial Services (MFS), the holding company for Max Life Insurance, reported a 37.8 per cent decline in net profit at Rs 66.58 crore for the first quarter ended June 30. The company had earned a net profit of Rs 107.12 crore in the corresponding quarter of the previous fiscal. MFS reported revenues of Rs 2,560 crore, a growth of 15 per cent over the same period last year. During the quarter, Max Life new sales rose by 18 per cent to Rs 554 crore. Max Life also reported a Solvency Surplus of Rs 1,953 crore, with a healthy solvency ratio of 295 per cent and the company's assets under management stood at Rs 45,870 crore as of June 30, making it the fifth largest fund manager among private life insurers in India. Last month, Max India called off the proposed merger between Max Life and Max Financial Services with HDFC Standard Life Insurance, citing inordinate delays.
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