Max Financial Services has reported robust growth for FY26, with standalone revenue excluding investment income reaching ₹38,039 crore, a 17% increase. Axis Max Life Insurance, a key subsidiary, delivered a strong performance, with the Value of New Business (VNB) rising by 26% to ₹2,647 crore and a New Business Margin (NBM) expansion to 25.2%. The company maintains a strong financial position, with Assets Under Management reaching approximately ₹1.9 lakh crore.
Strong Financial Growth and Value Creation
During the fiscal year ending March 31, 2026, Max Financial Services demonstrated significant operational and financial growth. The company reported a 19% growth in Individual Adjusted first-year premium to ₹9,885 crore, outperforming the private industry growth rate of 12%. This performance led to an expansion in market share to 10.4%.
Value creation remained a primary focus, with the VNB growing to ₹2,647 crore. The Embedded Value stood at ₹28,871 crore as of March 2026, supported by a healthy solvency ratio of 194%.
Strategic Business Performance
Growth was driven by a balanced product mix and a focus on proprietary and partnership channels. Proprietary channels saw an APE growth of 28%, while total Partnership APE grew by 14%. The company saw exceptional demand in specific segments, with Retail Protection and Health APE increasing by 53% and Annuity APE growing by 113%.
Assets and Capital Management
Axis Max Life Insurance has demonstrated efficient capital management, consistently growing its Assets Under Management to ₹1.9 lakh crore. The portfolio maintains a prudent investment strategy, with more than 95% of debt investments held in sovereign papers and AAA-rated securities. The company continues to prioritize long-term sustainable value through balanced product innovation and robust customer engagement measures.
Source: BSE
