Max Financial Services released the transcript for its Q3 FY’26 Earnings Call, held on February 12, 2026. Key highlights included 20% growth in individual adjusted first year premium (APE) for the first 9 months, driven by strong performance in proprietary channels. The company also confirmed receiving in-principle approval from its Board to initiate the amalgamation process between Axis Max Life and MFSL, signaling continued strategic focus on value creation.
Q3 FY’26 Performance and Strategic Pillars
Max Financial Services shared results for Q3 and 9M FY’26, focusing on four strategic pillars. Sumit Madan, MD & CEO, highlighted the Insurance Act amendments, specifically noting that Section 35 was amended, allowing for the merger of an insurer with a non-insurer, leading to the Board granting in-principle approval for the amalgamation of Axis Max Life and MFSL.
Sustainable and Predictable Growth
The company reported strong, broad-based growth. Individual adjusted first year premium (APE) grew by 20% in the first 9 months of FY’26, fueled by an 18% growth in the number of policies. This growth rate is double the industry average of 10%, leading to a private market share expansion to 9.8%. Retail APE growth accelerated significantly in Q3, growing by 30%, with proprietary channels expanding by 52%. Even in January 2026, company-level sales grew by 29%.
Product Innovation Driving Margins
Product innovation remains a key lever. The protection franchise saw robust growth, with retail protection growing 99% in Q3. Annuity business reported healthy momentum, growing 141% in Q3 FY’26. The resulting Q3 APE product mix was balanced: non-par savings at 18%, protection at 15%, annuity at 10%, and ULIP at 38%. The overall VNB margin for 9 months expanded to 23.6% from 21.9% last year, delivering 30% growth in VNB.
Customer-Centric Metrics and Digitalization
Customer focus translated into improved operational metrics. The company leads the industry in persistency, with 13-month persistency at 85% and 25-month persistency hitting an all-time high of 76% in Q3 FY’26. The Net Promoter Score (NPS) increased to 58. On the digitization front, investments are showing results: 1-day ticket closures doubled from 20% to 40% via the GenAI-powered e-mail bot. The customer app achieved 3 lakh monthly active users shortly after launch.
Financial Metrics (Amrit Singh’s Update)
Amrit Singh, CFO, provided key financial updates as of December 31, 2025. At the MFSL level, revenue (excluding investment income) was INR 24,625 crore (18% growth in 9M FY’26). For Axis Max Life, gross written premiums grew 18% to INR 25,195 crore, and Embedded Value stood at INR 28,110 crore (16% YoY growth). The solvency position remained healthy at 201%.
Partner Channel Dynamics
The partnership channel saw significant traction. New partnerships now contribute about 5% of individual APE, with a counter share exceeding 25% across new banca partnerships. The company maintains its number 1 position in counter share in both the Axis and Yes Bank relationships, signaling successful ongoing execution.
Closing Remarks on Outlook
Management expressed confidence in sustaining momentum, aiming for 300 to 500 basis points faster growth than the market over the long term. They reaffirmed the full-year guidance for Net Best Margins (NBMs) in the range of 24% to 25% for FY’26.
Source: BSE
