Max Financial Services released its Investor Update for the 9 Months of FY26, highlighting robust growth driven by Axis Max Life Insurance. Key metrics show strong revenue growth and increased market share, with Individual Adjusted First Year Premium growing 20%. The company maintained its leadership in digital channels and saw significant growth in Protection and Annuity segments, supported by continuous digital innovation and a focus on strategic business pillars.
Q3 & 9M FY26 Key Highlights: Max Financial Services
Max Financial Services reported its 9M FY26 performance, driven by Axis Max Life Insurance. MFSL revenue, excluding investment income, grew by 18% to Rs 24,625 cr, resulting in a Consolidated Profit After Tax of Rs 137 cr.
Axis Max Life Insurance: Revenue & Value Creation
Axis Max Life Insurance demonstrated sector-leading performance:
- Individual Adjusted First Year Premium (FYP) was Rs 6,396 cr, growing 20%, outpacing the private industry growth of 13%.
- Private Market Share expanded by 53 bps to reach 9.8%.
- Value of New Business (VNB) for 9M FY’26 grew 30% YoY to Rs 1,633 cr, with New Business Margin (NBM) improving to 23.6%.
- Operating Return on Embedded Value (RoEV) stood at 16.9%.
Distribution Strength and Segment Growth
The distribution network showed secular momentum:
- Proprietary channels APE grew 29% YoY, driven by 30% growth from offline and 28% from online proprietary.
- Partnership growth was 13% YoY.
- The company maintained Rank #1 leadership in Overall E-commerce for online Protection & Savings.
- 51 new partners were onboarded across Group (24) and Retail (27) segments.
Segments of Choice Performance
- Retail Protection and Health APE grew 57% to Rs 933 cr.
- Annuity APE witnessed massive growth, rising 107% to Rs 630 cr in 9M FY’26 (Q3 FY’26 Annuity APE grew 141%).
- Group Credit Life grew 25% for 9M FY’26.
Financial Summary (9M FY’26 vs Previous Year)
Key financial figures show significant expansion:
- Total APE: Increased 21% to Rs 6,908 cr.
- Gross Written Premium: Increased 18% to Rs 25,195 cr.
- AUM: Grew 12% to Rs 1,92,668 cr.
- Net Worth: Increased 4% to Rs 6,299 cr.
- Solvency Ratio: Maintained strong capital position at 201%.
Product Innovation & Recognition
Product innovation focused on customer flexibility and retirement solutions:
- Launched Online Savings Plan Plus with zero premium allocation charges.
- Introduced the Corporate Advantage in Retirement and Employee Benefit Smart Plan.
- Axis Max Life’s ‘Digi-Saarthi’ won a National Level Award for Project Innovation.
Strategic Pillars in Focus (9M FY’26 Progress)
A. Predictable & Sustainable Growth
Proprietary channels grew 29%, with 30% secular growth from offline and 28% from online proprietary. The company maintained Rank #1 in the overall online life insurance market for Protection & Savings.
B. Product Innovation to Drive Margins
Retail Protection & Health grew 57% and Annuity grew 107%. Rider APE grew by 95%, with an attachment rate of 37%.
C. Customer Centricity
Claim paid ratio remained best-in-industry at 99.70%. Persistency improved by 418 bps in the 25th month, reaching 76%. Overall NPS improved to 58.
D. Digitization for Efficiency and Intelligence
Launched Sales Navigator analytics platform and enhanced SEO ranking to #1 for key term keywords. The new customer app offers DIY servicing, cross-sell opportunities, and engagement features powered by Voice Search & AI powered Mili.
Technology and Risk Management
The technology platform supports scale with:
- Data & Analytics Platform: Lakehouse architecture for GenAI enablement.
- Cloud Foundation: ~100% Resiliency for Cloud & Critical Apps, with provisioning time reduced from 8 weeks to 1-2 Days.
- Legacy Modernization: Became the 1st organization in India to move core systems to the cloud, resulting in a 30% performance improvement.
ESG Progress Snapshot (as of Sep 30, 2025)
Key ESG achievements include:
- Digital Penetration: Achieved 92.08% against a target of 95% by FY’26.
- Workforce Training: Employees achieved 75 learning hours against a target of 30 hours (prorated).
- Carbon Neutrality: Planning adoption of an 800-meter Green Belt stretch, targeted for completion by February 2026.
Source: BSE
