Max Financial Services Limited (MFSL) announced strong performance for the first quarter of FY2027 (3M FY’27). Axis Max Life Insurance reported a 17% year-on-year growth in Individual Adjusted First Year Premium, reaching ₹1,810 crore. The company also saw a 33% increase in the Value of New Business (VNB) to ₹446 crore and a significant 116% growth in its Annuity business.
Axis Max Life Reports Robust Q1 FY27 Growth
Max Financial Services Limited has unveiled its financial highlights for the first quarter of the Financial Year 2027 (3M FY’27), showcasing robust growth driven by its subsidiary, Axis Max Life Insurance Limited. The company reported an 18% increase in consolidated revenue, excluding investment income, reaching ₹7,289 crore.
Key Insurance Metrics Show Strong Momentum
A standout performance was recorded in the Individual Adjusted First Year Premium, which grew by a significant 17% year-on-year to ₹1,810 crore. This growth contributed to Axis Max Life’s private market share increasing by 13 basis points to 10.1%. The company also achieved a 15% YoY growth in Annualized Premium Equivalent (APE).
Profitability and Business Highlights
Profitability metrics also saw substantial improvement. The Value of New Business (VNB), a key measure of profitability, surged by 33% year-on-year to ₹446 crore. The new business margin improved significantly by 315 basis points to 23.2%. Furthermore, the Annuity business demonstrated exceptional growth, recording an increase of 116% during the quarter.
Segment Performance and Outlook
The Protection and Health business grew by 44%, supported by a 57% growth in riders, reflecting increased demand for comprehensive solutions. Assets Under Management (AUM) crossed a milestone of ₹2 lakh crore, growing by 11%. Sumit Madan, Managing Director and CEO of Axis Max Life, expressed optimism, stating, “Axis Max Life has begun FY’27 with strong momentum, delivering 17% growth in Individual Adjusted First Year Premium in Q1, outpacing the private market leading to an improvement in private market share to 10.1%.”
Source: BSE
