Max India Limited Financial Overview

& MAX Product structure has started evolving, Private industry is seen moving towards a balanced product mix MAX LIFE INSURANCE Product Mix for top players in FY 2015 (as per market reports) ICICI Pru 13% 3% 84% 29% 44% HDFC Life 23% 15% 62% 69% SBI 46% 6% 48% 89% Max Life 57% 15% 28% 71% 56% Reliance Life 15% 70% 15% 31% 11% Birla Sunlife 25% 38% 37% FY 2007 FY 2011 FY 2014 FY 2015 Bajaj Allianz 23% 56% 21% ■Traditional ULIP Par Non Par ULIP KEY INSIGHTS Improved performance of the capital markets has revived interest in ULIPS which was leveraged well by some of the top players to record high new sales growth (individual adjusted @ 10% SP) - ICICI Prudential (YoY: +41%), HDFC Life (YoY: +25%) and SBI Life (YoY: +11%) 。 While ICICI Prudential and SBI Life had a high UL share across channels, HDFC Life delivered growth driven by high UL share in their banca channel only Top agency led players like Reliance Life and Birla Sunlife continued to have a Traditional heavy portfolio Max Life's UL share accounted for 28% of total portfolio as a result of increased customer demand SOURCE: Market Intelligence & Internal Estimates | Public Disclosures 10

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