Max Financial surges 7%, scales record high post strong Q3 results

Max Life Insurance demonstrated a resilient performance amid a challenging macro environment with 21 per cent annual premium equivalent (APE) growth

Shares of Max Financial Services (MFSL) rose 7 per cent to hit a record high of Rs 793 on the BSE in Wednesday's intra-day trade, in an otherwise subdued market, after reporting a strong set of numbers for the quarter ended December 2020 (Q3FY21). The company’s subsidiary Max Life Insurance registered an impressive value of new business (VNB) and individual adjusted sales. The stock surpassed its previous high of Rs 751.85 touched on January 21, 2021.
 

The company’s consolidated net profit jumped 54 per cent year-on-year (YoY) to Rs 227 crore on the back of 68 per cent YoY rise