Noida (Uttar Pradesh) [India], October 20 (ANI/NewsVoir): Max Financial Services Limited (MFSL) today announced its financial results for the second quarter (Q2) and H1 (first half) of the financial year FY23. In the first half of the FY23, MFSL Consolidated Revenue^ of Rs 9,720 Crore, with growth of 12 per cent and Consolidated PAT at Rs 130 Crore, up 56 per cent, due to lower tax expenses than corresponding previous half year. In Q2FY23, Consolidated Revenue^ at Rs 5,718 Cr, Up 9 per cent and Consolidated PAT at Rs 62 Cr, Up 29 per cent. During H1FY23, Max Life New Business Premium* grew 9 per cent to Rs. 3,378 Cr and Annualised Premium Equivalent (APE) Up by 2 per cent to Rs 2,200 Cr driven by strong growth in proprietary channels. Proprietary channels new business premiums grew by 23 per cent year-on-year to Rs 773 Crore as result contribution of Proprietary channels to total new sales increased from 29 per cent to 33 per cent in H1FY23. Further, the renewal premium income (including group) rose 14 per cent to Rs 6,526 Crore, taking the gross written premium to Rs 9,904 Crore, an increase of 12 per cent over the half year of the previous financial year. Max Life achieved New Business Margin (NBM) of 26.7 per cent in H1FY23, an increase of 140 bps. Further NBM expanded to 31.4 per cent in Q2FY23, improved 230 bps over corresponding previous quarter mainly driven by increase in product profitability. Value of New Business (VNB) grew by 7 per cent to Rs 586 Crore in H1FY23. Max Life operating expenses (policyholders) to gross premium ratio improved from 15.5 per cent in H1FY22 to 15.1 per cent in H1FY23 due to effective cost management efforts and higher business growth. Max Life reported an Embedded Value of Rs 14,704 crore, while the Operating Return on EV (RoEV) over H1FY23 stood at 15.7 per cent. During H1FY23, Max Life delivered a strong performance, and focus on retirement led to growth of 86 per cent in Annuity business in H1FY23. Max Life Pension Fund Management Limited commenced business operations in Q2FY23. Max Life's assets under management (AUM) were Rs 1,13,352 crore as on September 30, 2022, Up 13 per cent over the previous year. Max Life has secured a new banca partnership with Tamilnad Mercantile Bank (TMB) for term of 5 years. Also entered into partnership agreements with leading brokers such as Turtlemint, Bluechip, NJ Brokers, Muthoot Insurance Brokers and Vkover. Mohit Talwar, Managing Director, Max Financial Services Limited, said, "By introducing new innovative products, secular growth across proprietary channels and balance product mix, we have registered a strong growth in H1FY23. Our focus lies in continuous growth through strategic partnerships, accelerate partnership channels growth and improve market share." Max Financial Services Limited (MFSL) is part of India's leading business conglomerate - the Max Group. Focused on Life Insurance, MSFL owns and actively manages an 81.83 per cent majority stake in Max Life Insurance, India's largest non-bank, private life insurance company. The company is listed on the NSE and BSE. Besides a 14.7 per cent holding by Analjit Singh and sponsor family, some of the other group shareholders include MSI, Ward ferry, New York Life, GIC, Baron, Vanguard, Jupiter, Blackrock, and the Asset Management Companies of DSP, Nippon, HDFC, ICICI Prudential, UTI, Motilal Oswal, Canara Robeco, Sundaram, Aditya Birla Sun Life, Mirae, and Kotak. Max Life is the sole operating subsidiary of Max Financial Services Limited. Max Life - a part of the USD 4-Bn Max Group, an Indian multi-business corporation - is India's largest non-bank private life insurer and the fourth largest private life insurance company. On April 6, 2021, Axis Bank Limited, India's third-largest private sector bank, together with its subsidiaries Axis Capital Limited and Axis Securities Limited (collectively referred to as "Axis Entities") became the Co-promoters of Max Life. This was after completion of the acquisition of 12.99 per cent stake collectively by the Axis Entities in Max Life. Max Life offers comprehensive protection and long-term savings solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. It has 346 branch units across India. ^Excluding Max Life investment income *New business premium = First year premium + Single premium This story has been provided by NewsVoir. ANI will not be responsible in any way for the content in this article. (ANI/NewsVoir)