Max Financial Services has placed forth the media statement issued by the company's material subsidiary company, Max Life Insurance Company as under:

In the Budget 2023, certain proposals have been made for non-linked life insurance policies that will be sold after 1 Apr 2023 whereby it is proposed to tax income from insurance policies (other than ULIPs) having premium or aggregate of premium above Rs 5,00,000 in a year. Tax exemption of Section 10(10D) is proposed to continue for proceeds upon death. Policies sold until 31 Mar 2023 are outside the scope of this proposal and does not impact those policies in any way.

Speaking on the specific proposal, Prashant Tripathy, CEO & MD of Max Life said that “Max Life has a well-diversified product mix across products and customer segments, and our share of business from customers with the impacted non-unit linked policies with annual premium of above Rs 5,00,000 is approximately ~9% of Individual APE for 9M FY23 and was ~6% for FY22. We don't expect this sale to completely disappear as among many levers such as shifting to lower ticket size and alternative products, we are confident of retaining significant portion of the sale. You will recall in budget of 2021 a similar exemption was withdrawn for ULIPs with ticket size more than 2.5 lac and post which we did not see any material impact even on the share of high ticket ULIPs. Further the VNB impact will be marginally lower than sales impact as such high ticket size policies do operate at lower margins.”

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Net profit of Max Financial Services rose 200.48% to Rs 224.94 crore in the quarter ended December 2022 as against Rs 74.86 crore during the previous quarter ended December 2021. Sales rose 27.92% to Rs 8895.52 crore in the quarter ended December 2022 as against Rs 6953.99 crore during the previous quarter ended December 2021.

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Relaxo Footwears Ltd, EIH Ltd, Hindustan Zinc Ltd, DLF Ltd are among the other stocks to see a surge in volumes on BSE today, 20 January 2023.

Max Financial Services Ltd saw volume of 7.41 lakh shares by 10:48 IST on BSE, a 17.83 fold spurt over two-week average daily volume of 41565 shares. The stock dropped 0.18% to Rs.836.85. Volumes stood at 32046 shares in the last session.

Relaxo Footwears Ltd witnessed volume of 28403 shares by 10:48 IST on BSE, a 4.29 times surge over two-week average daily volume of 6625 shares. The stock dropped 2.19% to Rs.848.05. Volumes stood at 29576 shares in the last session.

EIH Ltd witnessed volume of 42651 shares by 10:48 IST on BSE, a 3.43 times surge over two-week average daily volume of 12449 shares. The stock increased 0.36% to Rs.169.15. Volumes stood at 17717 shares in the last session.

Hindustan Zinc Ltd witnessed volume of 2.49 lakh shares by 10:48 IST on BSE, a 3.4 times surge over two-week average daily volume of 73295 shares. The stock dropped 6.98% to Rs.351.20. Volumes stood at 2.01 lakh shares in the last session.

DLF Ltd witnessed volume of 2.38 lakh shares by 10:48 IST on BSE, a 3.27 times surge over two-week average daily volume of 72775 shares. The stock dropped 0.79% to Rs.372.60. Volumes stood at 46053 shares in the last session.

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Max Financial Services announced that Mohit Talwar retires as the Managing Director of the company with effect from 14 January 2023. Simultaneously, he will cease to be a director on the Board of the Company.

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