MFSL

MUMBAI, Feb 17 (Reuters) - India's Axis Max Life Insurance has accepted bids worth 5 billion rupees ($57.62 million) for subordinated bonds maturing in 10 years, three bankers said on Monday.

The insurer will pay an annual coupon of 8.34% on this issue and had invited bids from bankers and investors earlier in the day, they said.

The issue will have a call option at end of fifth year.

The insurance company did not immediately reply to a Reuters email.

Here is the list of deals reported so far on February 17:

*Size includes base plus greenshoe for some issues

($1 = 86.7680 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)

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MUMBAI, Feb 13 (Reuters) - India's Axis Max Life Insurance plans to raise 5 billion rupees ($57.6 million) through the sale of subordinated bonds maturing in 10 years, three bankers said on Thursday.

The insurer will invite bids from bankers and investors for the issue in the upcoming week, they said.

The issue will have a call option at end of fifth year.

The insurance company did not immediately reply to a Reuters email.

Here is the list of deals reported so far on February 13:

*Size includes base plus greenshoe for some issues

($1 = 86.8560 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Savio D'Souza)

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BENGALURU, Feb 4 (Reuters) - India's Max Financial Services MAXI.NS said on Tuesday it has approved the listing of its unit, Axis Max Life, by merging with the insurer.

The move comes after the country's insurance regulator sought a public listing roadmap from Axis Max Life, the financial services company said.

Max Financial, which holds nearly an 81% stake in Axis Max Life, said it will initiate the process for the insurer's listing once there is clarity on the law allowing such mergers.

(Reporting by Nishit Navin in Bengaluru; Editing by Shreya Biswas)

(([email protected];))

** Shares of Max Financial Services Ltd MAXI.NS climb 2.5% to 1,171.25 rupees

** MAXI, the holding company of private insurer Max Life, is likely to benefit from a string of regulatory changes, Jefferies says in a note

** Proposal to exempt term protection policies from taxes can improve affordability and improve coverage, helping MAXI

** Another proposal to allow insurers to merge with non-insurers can help Max Life list directly by merging with MAXI and reduce 20-50% valuation discount to peers

** Jefferies has "buy" rating on stock, 1,114.15 rupees TP

** Analysts tracking MAXI rate stock "buy" on avg, same as other life insurers - LSEG data

** MAXI up 22% so far this year, outperforming financial stocks' .NIFTYFIN 14.4% rise

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Life insurers HDFC Life HDFL.NS and Max Financial MAXI.NS fall ~2.5% each, SBI Life SBIL.NS sheds 1.5%

** Macquarie maintains it is negative on India's life insurance sector owing to regulations, weak margin outlook

** Investec says regulatory overhang persists for the sector

** Last week, CNBC-TV18 reported India's insurance regulator could ask insurers to reduce banca channel share to 50% of annual premium equivalent

** HDFL, SBIL and MAXI clarified they haven't received any such communication from the regulator

** Investec and Macquarie do not discard possibility of regulations on the banca front

** Say SBIL, HDFL could be worst hit in case of some regulations due to higher banca share

** Bernstein and Morgan Stanley say such regulations could prove detrimental to sector's growth

** Since the CNBC report, SBIL, HDFL, MAXI down ~6% each in three sessions - LSEG

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Nov 28 (Reuters) - Max Financial Services Ltd MAXI.NS:

• MAX LIFE INSURANCE HAS NOT RECEIVED ANY IRDAI DIRECTIVE ON BANCASSURANCE CAPPING

Source text: ID:nBSE3RBSTz

Further company coverage: MAXI.NS

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** Shares of Max Financial Services Ltd MAXI.NS soar 11% to a record 1298.60 rupees

** MAXI last up 9% and set for best day since Aug 2020, with trading vol nearly 7x the 30-day avg

** Life insurer's value of new business grew 23% in Q2, while margins came in at 23.6%, which Investec says beat estimates

** Analysts tracking MAXI rate it "buy" on avg, same as other private life insurers - LSEG data

** Stock extends YTD gains to ~34%, less than ICICI Prudential Life's ICIR.NS 40% jump but more than HDFC Life Insurance's HDFL.NS 12% rise

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of Max Financial Services MAXI.NS lose 4.6% to 992.15 rupees apiece

** Company said after results on Tuesday, higher surrender charges will likely pull VNB margins down by 100bps-200bps in fiscal year 2025

** The recent regulatory changes on life insurance products will hurt companies' margins, according to analysts

** Nuvama Institutional Equities and Motilal Oswal Financial Services say company's change in product mix will lead to pressure on margins in the near term; trim margin estimates for FY2025 and FY2026

** Shares of Max Financial up 4.1% in 2024 so far, compared with 24% rise in mid-cap 100 index .NIFMDCP100 of which it is a constituent

** The average rating of the 17 analysts tracking MAXI is "buy"; median price target is 1,227.50 rupees - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

BENGALURU, June 19 (Reuters) - India's Axis Bank AXBK.NS acquired additional equity shares of Max Life Insurance Company, a unit of Max Financial Services MAXI.NS, for 3.36 billion rupees ($4.32 million), the private lender said on Wednesday.

The bank's board of directors approved the proposal to acquire Max Life shares, raising Axis entities' total holding in the insurance firm to 19.99% from 19.02%.

Axis entities include the bank as well as investment solutions provider Axis Securities and financial services provider Axis Capital.

Shares of the bank, India's fifth largest by market capitalisation, jumped as much as 2.2% after the news. The stock was among the top gainers on the Nifty 50 index .NSEI.

Axis entities' had raised their holding in Max Life to 19.02% from 12.99% earlier in April, originally acquiring a stake in the company in 2020.

Max Financial Services, Max Life Insurance's holding company, engages in investment business and provides management advisory services.

($1 = 83.4125 Indian rupees)

(Reporting by Dimpal Gulwani; Editing by Janane Venkatraman )

(([email protected];))

** Shares of Max Financial Services MAXI.NS up 2.2% at 990.90 rupees

** While MAXI, engaged in life insurance and investment advisory services, reported a Q4 loss vs profit year ago, analysts were optimistic on co's value of new business (VNB)

** MAXI's 7% VNB rise and 13% new premium growth beat estimates and were higher than peers, while margins were in line with guidance - Jefferies

** Brokerage maintains "buy" on stock, which is among its top picks

** Margin expanded on sequential basis due to seasonality as well traction for certain margin-enhancing products, Yes Securities says

** Stock set to snap three-session losing streak

** MAXI up ~4% YTD after gaining ~41% in 2023

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of Max Financial Services MAXI.NS rise 3.5% to 967.95 rupees

** Jefferies says Max Life Insurance, 81%-owned by MAXI, will benefit from Axis Bank AXBK.NS fund infusion

** On Feb. 6, India's insurance regulator approved capital infusion of 16.12 bln rupees (~ $194 mln) by Axis Bank into Max Life

** Since then, MAXI's shares have gained ~6%, with five analysts upgrading stock - LSEG data

** Jefferies expects Max Life to deliver high-teens growth in premiums over next 2-3 years, says valuations are attractive compared to peers

** Reiterates "buy" with PT 1,200 rupees for MAXI, 30% upside to last close

** Mean rating of 15 analysts tracking MAXI equivalent to "buy"; median PT 1,127.50 rupees, 16.5% above current price - LSEG

($1 = 82.9130 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Max Financial Services MAXI.NS rise as much as 5.1% to 959.8 rupees in early trading; stock has since pared gains, now up 2.2%

** Co said that Insurance Regulatory and Development Authority has approved capital infusion of 16.12 bln rupees($194.2 million) by Axis Bank

** Separately, co also reported a near 34% fall in consolidated net profit for the Dec qtr; total rev from ops rose 39%

** Average rating of 15 analysts equivalent of "buy"; median PT 1,092.5 rupees - LSEG data

** More than 1.6 mln shares change hands by 9:45 a.m. IST, 1.9x the 30-day avg

** Shares of Axis Bank up 1.7%

($1 = 83.0200 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

Feb 6 (Reuters) - Max Financial Services Ltd MAXI.NS:

• MAX FINANCIAL SERVICES DEC-QUARTER CONSOL NET PROFIT 1.49 BILLION RUPEES VERSUS PROFIT 2.25 BILLION RUPEES

• MAX FINANCIAL SERVICES DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 123.56 BILLION RUPEES VERSUS 88.96 BILLION RUPEES

Source text for Eikon: ID:nBSE3g40QK

Further company coverage: MAXI.NS

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** Shares of Max Financial Services MAXI.NS are up 3.9% at 1006.85 rupees, hitting their level since Jan, 2022

** Investec re-iterates Max Finanical as top pick in insurance sector after Axis Bank's AXBK.NS interest to drive growth in MAXI's insurance unit Max Life

** Axis Bank will look to increase its stake to 20% in Max
Life, analysts at Investec said after attending AXBK's analyst meet

** In Aug, Axis Bank had said it would raise its stake in Max Life to 16.2% from 9.99%

** Investec says, Max Life trades at substantial discount to peers, despite reporting consistent performance over past 10 years

** MAXI on track for best day since Aug. 10

** YTD stock up ~48.4%, outperforming peers; HDFC Life Insurance CoHDFL.NS up ~19%, SBI Life Insurance Co SBIL.NS ~13.4%, ICICI Prudential Life Insurance ICIR.NS up ~22.5%

(Reporitng by Nishit Navin in Bengaluru)

(([email protected];))

Sept 6 (Reuters) - Axis Bank Ltd AXBK.NS:

• INDIA AXIS BANK EXEC: FOCUS ON GROWING CASA DEPOSITS CURRENTLY

• INDIA AXIS BANK EXEC: SPECULATIVE TO SAY REGULATORS HAVE CONCERN ON AXIS BANK-MAX LIFE DEAL

• INDIA AXIS BANK EXEC: HAVE NOT GONE TO REGULATORS WITH ANY FRESH APPLICATION REGARDING DEAL WITH MAX LIFE

• AXIS BANK EXEC: HAVE RECEIVED PERMISSION FROM RBI TO INFUSE CAPITAL IN SOME OF BANK’S SUBSIDIARIES

Source text for Eikon: [ID:]

Further company coverage: AXBK.NS

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Aug 31 (Reuters) -

• SEBI IN ADVANCED STAGE OF INVESTIGATION IN AXIS-MAX DEAL- CNBC-TV 18

Source text : [https://bit.ly/3sDqlLu]

Further company coverage: AXBK.NS

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** Shares of Max Financial Services MAXI.NS surge 12.3%, biggest pct gain since Aug. 25, 2020

** Co on Wednesday reported 55.6% surge in June-quarter net profit

** Co says that it expects to clock double-digit growth rate in fiscal 2024

** Separately, Axis Bank said on Wednesday it will raise its stake in insurer Max Life to 16.2% from 9.99% through a preferential allotment of shares

** Max Financial will hold about 80.98% in Max Life after the stake add

** More than 9.5 mln shares of MAXI change hands by 1:40 p.m. IST, highest since Dec. 21, 2022

** Stock up ~29% YTD

($1 = 82.8175 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

BENGALURU, Aug 9 (Reuters) - Axis Bank AXBK.NS on Wednesday said it will infuse 16.12 billion rupees ($194.58 million) in Max Life through preferential allotment of shares, increasing stake in the insurer to 16.22%.

($1 = 82.8460 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru; Editing by Sohini Goswami)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of Max Financial Services MAXI.NS up as much as 3.4% at 824.2 rupees

** Stock touches highest level since Feb. 1; on track for a third consecutive session of gains if trends hold

** Max Life remains "comfortable" on delivering mid-teen annual premium equivalent growth in FY2024E, with a stable counter share at Axis Bank and higher growth in other channels - Kotak Institutional Equities

** Adds, unless a shift from non-participating policy is severe and investments in new initiatives weigh in significantly, 27-28% value of new business margin guidance may be conservative.

** Thirteen analysts rate the stock "buy" or "strong buy," one rates it "hold;" median PT is 905 rupees - Refinitiv data

** Stock up ~18% this year, as of last close

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

May 12 (Reuters) - Max Financial Services Ltd MAXI.NS:

• MARCH-QUARTER CONSOL NET PROFIT 458.9 MILLION RUPEES VERSUS 1.18 BILLION RUPEES

• MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 99.29 BILLION RUPEES VERSUS 89.60 BILLION RUPEES

Source text for Eikon: ID:nBSE4lL5Kj

Further company coverage: MAXI.NS

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