Max Financial net profit down 30 pc to Rs 391 cr in FY19

Max Financial Services (MFS) Tuesday reported a 30 per cent fall in consolidated net profit to Rs 391 crore for 2018-19.

The net profit was lower compared to the previous year, largely due to one-time expenses for pursuing an inorganic opportunity for Max Life and reversible fair valuation impact as per the recently adopted accounting methodology IndAS, it said in a release.

The company's consolidated revenue, which has a majority stake in Max Life Insurance, grew 17 per cent to Rs 17,538 crore as compared to the year-ago period, it said.

MFS said new business premium of Max Life grew by 22 per cent to Rs 3,950 crore during the fiscal ended March 2019.

The assets under management of Max Life crossed Rs 60,000 crore and grew 20 per cent to Rs 62,798 crore, it added.

The value of new business was up by 30 per cent at Rs 856 crore, while the new business margin stood at 22 per cent.