Max Financial Services Limited (MFSL) has announced its Q1 FY27 results, reporting a robust performance with a 17% year-on-year growth in individual adjusted first-year premium (APE). The company’s overall APE grew by 15%, driven by balanced contributions from proprietary and partnership channels. Value of New Business (VNB) saw a significant 33% growth, with VNB margins expanding from 20.1% to 23.2%, attributed to a higher protection mix and favorable yield curve movements.
Max Financial Services Reports Strong Q1 FY27 Performance
Max Financial Services Limited (MFSL) has declared its financial results for the first quarter of FY27, showcasing a period of strong growth and improved profitability. The company reported a significant 17% year-on-year growth in individual adjusted first-year premium (APE), outperforming both the private sector and overall industry growth rates.
Key Financial Highlights
Overall APE for the quarter increased by 15%, supported by contributions from both proprietary channels (16% growth) and partnership channels (15% growth). The Group Credit Life segment also demonstrated strong momentum with a 57% growth. A key financial achievement was the substantial 33% growth in the Value of New Business (VNB), reaching INR 380 crore, with VNB margins improving to 23.2% from 20.1% in the prior year. This improvement was driven by a higher protection mix and favorable yield curve movements.
Strategic Initiatives and Growth Drivers
The company highlighted its focus on building a sustainable and profitable franchise. Product innovation continues to be a core lever, with launches like the USD-denominated Smart Gift Plan and Aurus for high-net-worth individuals. The protection and health business saw a significant 44% growth. Axis Max Life also achieved a key milestone with the completion of Axis Bank’s acquisition of an additional 0.98% stake, increasing its shareholding to 19.99% and enhancing the company’s financial strength with a solvency ratio of 198%.
Customer Centricity and Digitization
Customer trust remains a foundation for Axis Max Life, evidenced by a 99.8% individual death claim paid ratio and 67% of eligible claims settled within one day. The company was also recognized as the number one life insurer in customer experience in India. Digitization efforts are transforming operations, with a focus on AI, Gen AI, and analytics embedded across customer journeys and distribution. The digitally empowered distribution platform, mSpace, supports 36,000 monthly active users.
Source: BSE
