Max Financial Services reports strong H1 FY’26 results. Consolidated revenue, excluding investment income, grew by 18% YoY. Individual Adjusted First Year Premium increased by 18%, reaching ₹3,891 crores. The company’s VNB (Value of New Business) rose by 27% YoY. Axis Max Life’s market share increased by 83 bps to 10.1%. New business margins improved by 210 bps to 23.3%.
Key Financial Highlights for H1 FY’26
Max Financial Services Limited announced an 18% growth in consolidated revenue excluding investment income for the first half of fiscal year 2026 (H1 FY’26). Revenue reached ₹15,090 crores. Including investment income, total consolidated revenue stands at ₹22,624 crores, with a consolidated PAT of ₹92 crores.
Individual Adjusted First Year Premium grew by 18% to ₹3,891 crores. This performance has led to Axis Max Life increasing its market share by 83 bps to 10.1% during H1 FY’26.
Profitability and Growth Metrics
The Value of New Business (VNB), a key measure of profitability, saw a significant increase of 27% year-over-year. This brought the VNB to ₹974 crores. The new business margin improved by 210 bps, reaching 23.3% for H1 FY’26, and 25.5% in Q2 FY’26 (July-September).
Axis Max Life’s Gross Written Premium increased by 18% YoY to ₹15,490 crores, driven by an 18% increase in renewal premium to ₹9,503 crores. Individual New Business Sum Assured grew by 25%, reaching ₹2,15,763.
Assets and Solvency
Assets Under Management (AUM) grew by 9% to ₹1,85,336. Embedded Value increased by 15% to ₹26,895 crores, resulting in an Operating RoEV of 16.3%. The company reported a solvency ratio of 208%.
Strategic Developments
Axis Max Life onboarded 31 new partners during H1 FY’26, including 16 retail and 15 group business partners. They continue to lead the industry in retail protection sales and maintain a leading position in the online market for both protection and savings categories.
Executive Commentary
Sumit Madan, CEO and Managing Director of Axis Max Life, noted the company’s strong growth in Individual Adjusted First Year Premium and Value of New Business, attributing it to their proprietary channels and partnership verticals. He highlighted the strength of their balanced channel mix and the consistent expansion of new business margins.
Source: BSE
