Max India Limited Financial Overview

MAX EV Movement analysis - March 31, 2014 to March 31, 2015 market consistent methodology MAX LIFE INSURANCE Amounts in Rs Cr 254 405 123 460 5,232 Non- 400 4,401 Operating variance operating variance Capital movements Value of new business 2,115 Unwind 1,945 2,456 3,117 Opening EV Denotes increase to EV Denotes decrease to EV Closing EV Value of in force business Net Asset Value Operating return on EV of 22.3%, driven mainly by new business growth and unwind of discounting. Non-operating return on EV of 5.8%, driven mainly by the increase in market value of assets over the year. Note: Figures may not add up due to rounding. 45

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