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Annual Report 2018 CONTENTS ANNUAL REPORT 2017-18 Annual Report 2018 CONTENTS 05 57 CORPORATE REVIEW CORPORATE GOVERNANCE OUR ENTERPRISE REPORT MEASURES OF SUCCESS OUR PATH OUR VALUES BOARD OF DIRECTORS 19 71 STRATEGIC REVIEW GENERAL SHAREHOLDER CHAIRMAN’S LETTER INFORMATION BUSINESS REVIEW 27 77 MANAGEMENT DISCUSSION FINANCIAL REVIEW AND ANALYSIS MAX FINANCIAL SERVICES MAX FINANCIAL MAX LIFE SERVICES LIMITED Standalone BUSINESS RESPONSIBILITY REVIEW MAX FINANCIAL SERVICES LIMITED ConsolidateD ANNUAL REPORT 2017-18 CORPORATE REVIEW OUR ENTERPRISE MEASURES OF SUCCESS OUR PATH OUR VALUES BOARD OF DIRECTORS 05 Corporate Review OUR ENTERPRISE Max Financial Services (MFS) is the Max India Limited, a multi-business parent company of Max Life Insurance, corporate, owns and actively manages India’s largest non-bank, private life a 49.7% stake in Max Healthcare, a 51% insurance company. MFS actively stake in Max Bupa Health Insurance and a manages a majority stake in Max Life, 100% stake in Antara Senior Living. making it India’s first listed company focused exclusively on life insurance. Launched in 2000, Max Healthcare is an equal JV partnership between Max India and Life Healthcare, South Africa. It is a leading provider of standardised, seamless and world-class healthcare services, focused on tertiary and quaternary care. Max Healthcare has Launched in 2000, Max Life is a joint venture with revenues of ` 2,787 Cr. from over 2,500 beds across Mitsui Sumitomo Insurance, Japan. It is India’s 14 hospitals. largest non-bank private life insurer, with revenues of ` 14,967 Cr. and a customer base of 4.1 million across more than 200 offices across India. Launched in 2008, Max Bupa is a 51:49 JV with Bupa Finance Plc., UK. It is one of India’s leading standalone health insurance companies with revenues of ` 755 Cr., about 16,000 agents and tie-ups with over 3,600 quality hospitals across over 350 cities in India. Launched in 2013, Antara is a 100% subsidiary of Max India. It is pioneering the concept of ‘Age in Place’ for people over 55, by developing Senior Living communities in India. The first Antara community was launched in April 2017 near Dehradun, Uttarakhand. 06 / Max Financial Services Limited ANNUAL REPORT 2017-18 Max Ventures and Industries Limited Launched in 2008, Max India Foundation (MaxVIL) operates primarily in the areas (MIF) represents the Max Group’s social of manufacturing and real estate, and responsibility efforts. The Foundation’s serves as the Group’s entrepreneurial arm work is focussed on healthcare for the to explore the ‘wider world of business’, underprivileged and has benefitted more especially taking cues from the economic than 32 lakh people in over 600 locations and commercial reforms agenda of the since its inception. present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others. Launched in 1988, Max Speciality Films is a strategic partnership with Japan’s Toppan Printing Co. Ltd. in which the Company holds 51%. It is a leading manufacturer of speciality packaging films and is at the forefront of both BOPP and Lamination technology in India. Established in 2016, Max Estates Limited is the real estate arm of the Max Group. With a team comprising engineers, architects, planners and specialists, and collaborations with global leaders in design, master planning, landscape and sustainability, Max Estates is committed to delivering a truly unique quality of excellence and lifestyle to all our customers. Max I. Limited is MaxVIL’s wholly-owned subsidiary, which facilitates Intellectual & Financial Capital to promising and proven early-stage organizations across identified sunrise sectors. Its investment model is a hybrid of accelerators and venture funding, providing both mentoring and growth capital for the organizations it invests in. 07 Corporate Review MEASURES OF SUCCESS Value of New Business: E 656 Cr, grew 31% Max Life Embedded Value: E 7,509 Cr.; Operating RoEV 20.6% MFS Consolidated Revenues1 : E 14,967 Cr., grew 15% Assets Under Management crossed E 50,000; grew 18% to E 52,237 Cr. New Business Margin: 20.2% 08 / Max Financial Services Limited ANNUAL REPORT 2017-18 Max Life Gross Written Premium: E 12,501 Cr., grew 16% Conservation Ratio at an all-time high of 89.6% Shareholders’ Profit After Tax: E 528 Cr. Policyholder bonus: E 1084 Cr. 275% Solvency Ratio Sum Assured in force: E 511,541 Cr., grew 35% 1 Excludes Max Life unit-linked investment income 2 As at 31st March 2018 09 Corporate Review OUR PATH Our Vision To be the most admired company for protecting and enhancing the financial future of its customers. Our Mission Be the most preferred category choice for customers, policy holders, shareholders and employees Do what is right for our customers, and treat them fairly Lead the market in quality and reputation Be the go-to standard for partnerships and alliances with all distributors and partners Maintain cutting edge standards of governance 10 / Max Financial Services Limited ANNUAL REPORT 2017-18 OUR VALUES Sevabhav We encourage a culture of service and helpfulness so that our actions positively impact society. Our commitment to Seva defines and differentiates us. Excellence We gather the experts and the expertise to deliver the best solutions for life’s many moments of truth. We never settle for good enough. Credibility We give you our word. And we stand by it. No matter what. A ‘No’ uttered with the deepest conviction is better than a ‘Yes’ merely uttered to please, or worse, to avoid trouble. Our words are matched by our actions and behaviour. 11 Corporate Review BOARD OF DIRECTORS An alumnus of The Doon School and Shri Ram College of Commerce, University of Delhi, Mr. Analjit Singh holds an MBA from Graduate School of Management, Boston University. He has been conferred with an honorary doctorate by Amity University. Professionally, he is the non-executive Chairman of Max Ventures and Industries, Vodafone India and a Director on the board of Sofina NV/SA, Belgium. Mr. Analjit Singh is a member of the Founder Executive Board of the Indian School of Business (ISB), India’s top ranked B-School, and has served as Chairman of Board of Governors of the Indian Institute of Technology Mr. Analjit Singh (IIT), Roorkee- India’s oldest and most prestigious Founder & Chairman Emeritus, Max Group engineering college. He also served as Chairman of the Chairman, Max Financial Services Limited Doon School. Mr. Analjit Singh is a member of the Prime Minister’s Indo UK CEO council. In past he has also served on the Prime Mr. Analjit Singh is the Founder and Chairman Emeritus of Minister’s Indo US CEO council. Mr. Analjit Singh has also The Max Group, a US$ 3 billion multi-business enterprise, served as the co-chair of Prabodhan, a unique forum with interests in life insurance (Max Life), health care for facilitating closer and more effective engagement (Max Healthcare), health insurance (Max Bupa), senior between European and Indian decision makers and living (Antara), speciality packaging (Max Speciality Films) opinion leaders. and real estate (Max Estates). Max Group is renowned for service excellence and has successful joint ventures He has been felicitated by Senator Hillary Clinton, former with some of the pre-eminent firms including Mitsui US Secretary of State on behalf of Indian American Centre Sumitomo and Toppan from Japan, Life Healthcare from for Political Awareness for his outstanding achievement South Africa and Bupa Plc from the United Kingdom. in presenting the international community with an Earlier partners include DSM, Netherlands; New York Life understanding of a modern and vibrant India and for Insurance Company; Hutchison Whampoa; Motorola; creating several successful joint ventures with leading Lockheed Martin and others. American companies and promoting business ties with the USA. Amongst private family owned businesses, Mr. Analjit Singh is the founder of Leeu Collection, a group of leisure He has been honoured with the Ernst and Young boutique hotels in Franschhoek, South Africa; The Lake Entrepreneur of the Year Award (Service Category) and District, UK ; and soon to come in Florence , Italy . The Leeu the Golden Peacock Award for Leadership and Service Collection also includes a significant presence in wine Excellence. In 2014 he was awarded with Spain’s second and viticulture through Mullineux Leeu Family Wines; an highest civilian honour, the Knight Commander of the active F&B portfolio of restaurants and partnerships with Order of Queen Isabella and the Distinguished Alumni Ritu Dalmia, La Colombe in the Cape SA and the Alajmo Award from Boston University. Group in Italy. Art and Landscaping are also major pillars He also serves as the Honorary Consul General of the with a strong relationship with Everard Read, SA. Republic of San Marino in India from October 2007 till A self-made entrepreneur Mr. Analjit Singh was awarded August 2018. Padma Bhushan, India’s third highest civilian honour, by the President of India in 2011. 12 / Max Financial Services Limited ANNUAL REPORT 2017-18 Mr. Mohit Talwar Ms. Naina Lal Kidwai Managing Director Independent Director A veteran in the Corporate Finance and Investment Naina Lal Kidwai is an Independent Director at Max Banking industry, Mr. Mohit Talwar has a wealth of Financial Services and Advent Private Equity, a Non- experience in Corporate Finance and Investment Banking, Executive Director on the global board of CIPLA Ltd and having spent 24 years in Wholesale Banking across global Larsen & Toubro and Past President of FICCI (Federation organizations such as Standard Chartered, ANZ Grindlays of Indian Chambers of Commerce & Industry). She retired and Bank of Nova Scotia, prior to joining the Max Group. as Executive Director on the board of HSBC Asia Pacific He is currently the Managing Director of Max Financial and Chairman HSBC India in December 2015.
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