Agency and proprietary channels expanding

1. Max Life remains the core growth driver Max Financial Services continues to be primarily driven by its stake in Max Life Insurance. Growth in the life insurance business remains the biggest factor for MFSL's earnings and valuation. 2. Strong focus on protection products Max Life continues to push higher-margin protection and term insurance products. Increasing protection penetration is expected to improve the quality of the product mix over the long term. 3. Bancassurance remains important The company continues strengthening its distribution through bank partnerships. Bancassurance provides access to a large customer base and remains an important channel for new business growth. 4. Agency and proprietary channels expanding Max Life is also expanding its agency network and direct digital channels. Diversifying distribution helps reduce dependence on any single channel. 5. New business value remains a key metric Investors are closely tracking: APE growth VNB growth VNB margins Persistency ratios Improvement in these metrics would support higher embedded value and profitability. 6. Product mix improving The company continues to focus on a balanced mix of protection, savings, annuity and unit-linked products. A higher contribution from protection and other value-accretive products can support margins.