Max Financial Services Limited has announced robust financial results for FY26, with Axis Max Life achieving a 19% year-on-year growth in individual adjusted first-year premiums. The company recorded a consolidated revenue of ₹38,039 crore excluding investment income, while the Value of New Business (VNB) surged by 26%. These results underscore a successful fiscal year characterized by a 56 basis points expansion in market share and strong performance across all distribution channels.
Fiscal Performance Highlights
During FY26, Axis Max Life demonstrated significant financial momentum, reporting a gross written premium of ₹38,877 crore, representing a 17% increase over the previous year. The company’s focus on profitability was evident as the Value of New Business (VNB) reached ₹2,647 crore. Furthermore, new business margins improved to 25.2%, up from 24% in the previous fiscal period.
Market Expansion and Operational Growth
Axis Max Life successfully captured a larger portion of the private insurance market, increasing its share to 10.4%. This expansion was driven by a 20% growth in total Annualized Premium Equivalent (APE). The proprietary channel emerged as a key contributor with a 28% growth, while the partnership vertical also showed resilience. The company significantly scaled its operations, securing 60 new business partnerships during the fiscal year.
Strategic Outlook
Commenting on the results, Sumit Madan, Managing Director and CEO, highlighted that the company’s growth rate of 19% significantly outpaced the private industry average of 12%. This performance, supported by a 42% growth in individual new business sum assured, reinforces the company’s competitive standing. Additionally, total assets under management reached ₹1.89 lakh crore, reflecting an 8% growth, while the embedded value rose to ₹28,871 crore.
Source: BSE
