First Half of Financial Year 2026 (“H1 FY’26”) Highlights:
- Max Financial Services Ltd reports 18% growth in consolidated revenue excluding investment income
- Individual Adjusted First Year Premium Rs 3,891 crore, an increase of 18%
- Axis Max Life is growing faster than the private industry with its market share growing by 83 bps to 10.1% in H1FY26.
- Gross Written Premium: Rs 15,490 crore, up 18% year-on-year
- On VNB (Measurement of Profitability) Rs 974 crore with a growth of 27% year-on-year
- New business margin increased by 210 bps to 23.3% in H1FY26 and by 190 bps to 25.5% in Q2FY26.
- on embedded value Rs 26,895 crore, growth of 15% with operating RoEV of 16.3%
- 25% increase in insurance amount for individual new business
- Assets under management (AUM). Rs 1.85 lakh crore, an increase of 9%
Noida, November 18, 2025: Max Financial Services Limited Consolidated revenues excluding investment income are recorded at Rs 15,090 crore in H1FY26 with growth of 18% YoY. Consolidated revenue stands including investment income 22,624 crore and consolidated PAT 92 crore in H1FY26.
Continued to outperform the private life insurance industry in H1FY26, Axis Max Life Insurance Limited (“Axis Max Life”)has recorded new business growth (individual adjusted first year premium) of 18% in H1FY26, reaching 3,891 crores. This has resulted in private market share increasing by 83 basis points (bps) to 10.1%. As one of the fastest growing life insurers, Axis Max Life has delivered 15% year-on-year annual premium equivalent (APE) growth in the first half of the financial year. This strong performance was driven by strong growth in its offline owned channels and new partnerships established over the past few years. Additionally, Axis Max Life successfully onboarded 31 new partners in H1FY26, including 16 retail and 15 group business partners.
Additionally, renewal premium of Axis Max Life increased by 18% Rs 9,503 crore including gross written premium Rs 15,490 crore – 18% YoY growth. Additionally, Axis Max Life recorded a new business margin of 23.3% in H1FY26 as against 21.2% during the same period last year. Value of new business (VNB), a measure of profitability, saw a 27% year-on-year growth compared to competitors due to improved product mix. Axis Max Life led the industry in retail protection sales in H1FY26 and maintained online market leadership in both protection and savings categories.
Sumit Madan, CEO and Managing Director, Axis Max Lifesaid, “In H1FY’26, Axis Max Life continued to see strong growth in individually adjusted first year premium and new business value, led by our proprietary channels and further supported by our partnership verticals. This has resulted in a market share of 10.1%, underscoring the strength of our balanced channel mix and our ability to nurture every relationship. Our consistent expansion in new business margins is driven by disciplined execution and a profitable, good Reflecting our strategic focus on a balanced product portfolio and sustainable growth, we are committed to enhancing our competitive edge and deepening customer trust as we work towards achieving leadership in the private life insurance sector.
Reaffirming its commitment to foster a progressive and people-first workplace, Axis Max Life Insurance has been recognized by the Great Place to Work® (GPTW®) Institute for several cultural achievements. The company is displayed in the middle India’s Best Workplaces for Women (Large) And India’s Best Workplaces in Diversity, Equity, Inclusion and Belonging (Large)Underlines our dedication to creating an inclusive and empowering environment for all employees.
Key Financial Summary of Axis Max Life:
| Ten million | H1 FY’26 | H1 FY’25 | year after year |
|---|---|---|---|
| financial performance summary | |||
| Individual Adjusted FYP | 3,891 | 3,309 | 18% |
| total ape | 4,175 | 3,623 | 15% |
| renewal premium | 9,503 | 8,046 | 18% |
| gross written premium | 15,490 | 13,137 | 18% |
| Number of Policies (000) | 391 | 356 | 10% |
| Personal New Business Insurance Amount | 2,15,763 | 1,72,338 | 25% |
| assets under management | 1,85,336 | 1,70,144 | 9% |
| embedded value | 26,895 | 23,338 | 15% |
| ROEV | 16.3% | 16.8% | -50 bps |
| new business margin | 23.3% | 21.2% | 210 bps |
| value of new business | 974 | 766 | 27% |
| capacity to pay | 208% | 198% | 1000 bps |
About Max Financial Services Limited
Max Financial Services Limited (MFSL) is part of India’s leading business conglomerate – Max Group. Focused on life insurance, MFSL owns and actively manages a ~81% majority stake in Axis Max Life.
MFSL is listed on NSE and BSE. Apart from Analjit Singh and the sponsor family’s ~1.7% stake, some of the group’s other shareholders include MSI, Capital Group, Vanguard, Polar, Pictet, Jupiter, BlackRock, Kuwait Investment Authority, Abu Dhabi Investment Authority, Franklin Templeton, Pioneer, JP Morgan, Norges Bank, Principal Funds, BNP Paribas, Canada Pension Funds, MIT, Asset Management Companies – HDFC, Nippon, ICICI Prudential, DSP, SBI, Kotak, Aditya Birla Sun Life. Mirae, UTI, Canara Robeco, Invesco, HSBC, WhiteOak, Edelweiss, Tata, Bandhan, Abqas and PGIM, and private life insurance companies – HDFC, SBI, Tata AIA, Kotak, ICICI Pru, Bajaj Allianz, Canara HSBC and Aditya Birla Sun Life.
About Axis Max Life Insurance Limited ,https://www.axismaxlife.com,
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited, is a joint venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financial data for FY 2024-25, Axis Max Life has achieved gross written premium of Rs 33,223 crore.
Axis Max Life recently changed to a new domain https://www.axismaxlife.com As part of its rebranding exercise. This migration will have no impact on existing policyholders, who will continue to receive all policy benefits and services as before.
Disclaimer
This document has been prepared by Max Financial Services Limited (the “Company”) solely for the purpose of announcing the financial results of the Company. This document contains certain forward-looking statements relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by the Company’s management and information currently available. These forward-looking statements, by their nature, are subject to significant risks and uncertainties. When used in this document, the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “proceed”, “intend”, “may”, “should” and similar expressions, as they relate to the Company or the Company’s management, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s views as of the date of presentation regarding future events and are not guarantees of future performance or growth. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from the information contained in the forward-looking statements. The Company assumes no obligation to update or otherwise revise these forward-looking statements to reflect new information, events or circumstances occurring after the date of presentation.
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