HSBC ON MAX FINANCIAL ; BUY | TP ₹1,900

• Q2 earnings were broadly in line with expectations. • Value of New Business (VNB) grew 15% YoY, supported by improved profitability. • VNB margins expanded by 150 basis points (bps) YoY. • Annualized Premium Equivalent (APE) was in line with estimates. • VNB marginally exceeded expectations, reflecting stronger margins.

MAX FINANCIAL SERV LTD

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