Max Financial Services has disclosed the independent actuarial opinion for its material subsidiary, Axis Max Life Insurance. As of March 31, 2026, the insurance entity reported an embedded value of INR 28,870.5 crore. Additionally, the value of one year’s new business written between April 1, 2025, and March 31, 2026, was calculated at INR 2,647.1 crore, reflecting the robust performance and strategic financial standing of the business unit.
Independent Actuarial Review
Willis Towers Watson Actuarial Advisory LLP has completed a comprehensive independent review of the embedded value results for Axis Max Life Insurance. The assessment covers the company’s financial standing as of March 31, 2026, ensuring that the valuation methodologies and actuarial assumptions align with established professional standards. This review provides key stakeholders with transparency regarding the long-term value of the insurance business.
Key Financial Metrics
The evaluation confirmed that the embedded value of Axis Max Life stands at INR 28,870.5 crore. Furthermore, the firm analyzed the value generated from new business over the course of the financial year, reporting a total of INR 2,647.1 crore for the period spanning April 1, 2025, to March 31, 2026.
Assumptions and Methodology
The actuarial opinion confirms that the calculations are based on internally consistent economic assumptions, reflecting market-traded cash flows and appropriate operating experience. The review also took into account a Required Solvency Margin target of 170% for participating business and 180% for all other business segments. Willis Towers Watson noted that appropriate allowances for residual non-hedgeable risks and profit allocation practices have been consistently applied, meeting both local market practices and company policies.
Source: BSE
