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Max Financial Services Ltd. reported total annual premium equivalent growth of 36% YoY in Q4 FY21 and 19.5% for FY21, significantly higher than industry.
The outperformance was led by better distribution, higher acquisition rate at Axis Bank Ltd. and expansion of the product suite.
The sales mix remains comfortable and reflects the management’s product strategy, which is to focus on long-term insurance products.
Non-participating contribution will remain capped at 30-35% in an effort to keep a diversified product mix.
We are of the view that companies focusing on long-term insurance needs (risk of life and income) are on a structurally stronger growth path.
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