Max Financial consolidated net profit up 52% at Rs 160 crore

Max Financial Services today said it has registered a consolidated net profit of Rs 160 crore in the third quarter ended December 2016, up 52 per cent from a year ago.
The consolidated revenues grew by 26 per cent to Rs 3,349 crore, the company said in a release.
On a standalone basis, there was a decline of about 37 per cent in the company's net profit at Rs 80.49 crore during the quarter against Rs 127.37 crore year ago, as per the filing to the exchanges by the company.
"Total income (standalone) has decreased to Rs 103.50 crore for the quarter ended December, 2016 from Rs 136.55 crore year earlier," it said.

"MFS' sole operating subsidiary Max Life Insurance performed strongly on all business parameters maintaining its position as the best-in-class provider of long-term savings and protection products," said the company.
Max Life's Individual Adjusted Sales grew 41 per cent to Rs 654 crore during the quarter, it said. The revenues stood at Rs 3,341 crore, growing by 26 per cent, and net profit stood at Rs 177 crore, up 50 per cent from year ago.

Max Life asset under management (AUM) as on December 31, 2016 grew 20 per cent to Rs 40,920 crore, it added.
In August 2016, the Board of Directors of Max Life Insurance Company, Max Financial Services Ltd., Max India Limited and HDFC Standard Life Insurance Company Ltd. (HDFC Life), at their respective meetings had finalised agreements for the amalgamation of business between the entities through a composite Scheme of Arrangement, it said.

"In the ensuing period, both the entities have progressed with regulatory approvals as planned."
"Max Life is one of the fastest-growing life insurers in India which maintains its core proposition of offering long-term savings and protection products through a well diversified distribution architecture," said Rahul Khosla, President, Max Group and Chairman, Max Life Insurance.
Sharing an update on the status of the proposed merger of Max Life with HDFC Life, Mohit Talwar, Managing Director, Max Financial Services said, "We have made initial regulatory filings and approvals are being progressed. We have also made our representation to IRDAI on the structure of the merger and are currently awaiting their response."

MFS stock closed 1.05 per cent down at Rs 621.50 on BSE today.