Financial Year 2026 (“FY’26”) Highlights:

●       
Max Financial Services Limited reports 17%
growth in consolidated revenue excluding investment income

●       
Axis Max Life’s Private market share increases
by 56 bps to 10.4%

●       
Individual Adjusted First Year Premium at
₹9,885 crores, grew 19% YoY

●       
Gross Written Premium: ₹38,877 crores, up 17%
Year-on-Year (YoY)

●       
Measure of profitability – Value of New
Business (VNB) at ₹2,647 crores with a YoY growth of 26%

●       
New business margin improved to 25.2%; Total
APE growth of 20% achieved

●       
Embedded Value at ₹28,871 crores, grew 15%
with an Operating RoEV of 18.7%

●       
Individual New Business Sum Assured grew by
42%

●       
Assets Under Management (AUM) at ₹1.89 lakh
crores, up by 8% YoY

New
Delhi, May 13, 2026: Max Financial Services Limited has
recorded consolidated revenue excluding investment income at ₹38,039 crores,
growing 17% year-on-year in FY’26. The consolidated revenue including
investment income stands at ₹47,696 crores and consolidated Profit after Tax
(PAT) at ₹106 crores in FY’26.

Axis
Max Life Insurance Limited, formerly known as Max Life Insurance Company
Limited (“Axis Max Life” / “Company”), has reported new business growth
(Individual Adjusted First Year Premium) of 19% in FY’26, reaching ₹9,885
crores. This has resulted in a private market share gain of 56 basis points
(bps) to 10.4%. Axis Max Life has delivered a 20% YoY Annualized Premium Equivalent
(APE) growth in the fiscal. This performance was driven by Proprietary channel
APE growth of 28% YoY, Total Partnership APE growth of 14%, and New Partnership
APE growth of 90%. In the fiscal, Axis Max Life has secured 60 new business
partnerships.

Further,
in FY’26, Axis Max Life’s individual renewal premium grew by 16% to ₹24,374
crores, taking the Gross Written Premium to ₹38,877 crores, an 17% YoY
increase. Additionally, the Company has reported New Business Margins of 25.2%
in FY’26 up from 24% during the same period last year. The Value of New
Business, a measure of profitability, experienced a YoY growth of 26%.

Sumit
Madan, Managing Director and CEO, Axis Max Life, said,
“Axis Max Life has delivered a double-digit Individual Adjusted FYP growth of
19% in the fiscal, ahead of private industry growth of 12%. This is underpinned by
the growth across our proprietary and partnership verticals. This has led our
market share to expand by 56 bps and is at 10.4% in FY’26, thus maintaining our
market position.”

Key
Financial Summary of Axis Max Life:

About Max Financial Services Limited (https://maxfinancialservices.com)

Max
Financial Services Limited (MFSL) is part of the Max Group. Focused on Life
Insurance, MFSL owns and actively manages an ~81% majority stake in Axis Max
Life. MFSL is listed on the NSE and BSE.

Company
Information Number – L24223HR1988PLC145368

About Axis Max Life Insurance Limited (https://www.axismaxlife.com)

Axis
Max Life Insurance Limited (the “Company”), formerly known as Max Life
Insurance Company Ltd., is a subsidiary of Max Financial Services Limited
(“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of
the Company. Axis Max Life offers comprehensive protection and long-term
savings life insurance solutions through its multi-channel distribution,
including agency and third-party partners. The Company has built its operations
on a need-based sales process, a customer-centric engagement model and trained
human capital. As per audited financials for FY2024-25, Axis Max Life recorded
a gross written premium of INR 33,223 crore.

IRDAI
Registration. No – 104

Company
Information Number – U74899HR2000PLC143012

Disclaimer

This
document has been prepared by Max Financial Services Limited (the “Company”)
solely for the announcement of the Company’s financial results. 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
and information currently available to the Company’s management. These
forward-looking statements are, by their nature, subject to significant risks
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“ought” and similar expressions, as they relate to the Company or the Company’s
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forward-looking statements reflect the Company’s views as of the date of the
Presentation with respect to future events and are not a guarantee of future
performance or developments. You are strongly cautioned that reliance on any
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Actual results and events may differ materially from information contained in
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or circumstances that occur subsequent to the date of the Presentation.

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