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Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 61.2%, coming at ₹122.8 crore against ₹76.2 crore in the corresponding quarter of FY24.
Max Financial Services reported a 16% year-on-year growth in new business premiums to ₹8,091 crore for the third quarter of FY25. Proprietary channels’ Annualized Premium Equivalent (APE) grew by 41%. The company’s gross written premium rose 14% YoY to ₹21,360 crore, while embedded value increased 29% to ₹24,129 crore, with an Operating Return on Embedded Value (RoEV) of 17.3%.
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Individual new business sum assured expanded by 34%, and assets under management (AUM) reached ₹1,71,705 crore, reflecting a 20% YoY growth. New retail policy sales increased 19% during the first nine months of FY25.
Max Financial’s total APE stood at ₹2,108 crore, slightly below the CNBC-TV18 poll estimate of ₹2,119 crore but higher than the ₹1,795 crore reported in Q3FY24.
The value of the new business (VNB) came in at ₹489 crore, marginally exceeding last year’s ₹486 crore but missing the CNBC-TV18 estimate of ₹516 crore. VNB margin declined to 23.2% from 27.2% in the previous year and was lower than the poll projection of 24.37%.
Max Financial Services announced that its material subsidiary, Axis Max Life Insurance Limited, has been directed by the Insurance Regulatory and Development Authority of India (IRDAI) to submit a board-approved public listing roadmap.
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In a meeting held today, the Board of Directors of Axis Max Life discussed and approved the listing roadmap. Given that Max Financial holds an 80.98% stake in Axis Max Life, the roadmap was also placed before its Board for consideration.
Among the options discussed, the Board approved a plan that envisions the listing of Axis Max Life through the merger of Max Financial Services into Axis Max Life, enabling Axis Max Life to achieve listed company status.
Further, Max Financial Services announced that the board of directors of its material subsidiary, Axis Max Life Insurance Limited, has approved a proposal to raise additional capital through the issuance of Non-Convertible Debentures (NCDs) aggregating up to ₹1,300 crore.
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The issuance, which will be conducted in one or more tranches or series, will be in the nature of subordinated debt instruments and executed on a private placement basis.
The results came after the close of the market hours. Shares of Max Financial Services Ltd ended at ₹1,094.20, up by ₹12.05, or 1.11% on the BSE.