Axis Max Life H1 FY27 Financial Results
Axis Max Life Insurance Limited, formerly Max Life Insurance Company Ltd., announced its first‑half FY2027 (H1 FY27) performance. The company achieved a private market share of 10.1% and reported a Value of New Business (VNB) of ₹1,180 crore, representing a 21.1% year‑on‑year increase. The VNB margin expanded by 210 basis points to 25.4% in H1 FY27 and further improved to 27.0% in Q2 FY27.
Individual Adjusted First Year Premium (FYP) grew 12% YoY to ₹4,368 crore, while the total Annual Premium Equivalent (APE) reached ₹4,638 crore, an 11% rise. Renewal premium surged 18% YoY to ₹11,247 crore, contributing to a 17% increase in Gross Written Premium (GWP) to ₹18,066 crore. The number of policies in force rose 9% to 425,000.
The pure retail protection business expanded 37% YoY, and the annuity segment recorded a 130% YoY jump in Q2 FY27 after the launch of the Smart Retirement Income with Sustained Earnings Plan (SMART RISE) (UIN: 104N160V01). Individual new‑business Sum Assured climbed 18% YoY to ₹2,55,308 crore.
Operating efficiency improved, with the PH Opex‑to‑GWP ratio (including GST) falling to 13.7% from 15.5% (a reduction of 174 basis points) and the PH Opex‑to‑GWP ratio (excluding GST) dropping to 11.7% from 14.6% (down 290 basis points). The PH Cost‑to‑GWP ratio (excluding GST) improved to 22.5% from 25.4%, also a 290‑basis‑point reduction.
Embedded Value (EV) stood at ₹31,437 crore as of 30 September 2026, a 17% YoY increase, and the operating Return on Embedded Value (RoEV) rose 100 basis points to 17.3% from 16.3% in the prior year. Assets Under Management (AUM) reached ₹2.06 lakh crore, up 11% YoY.
The solvency ratio recorded at 197%, compared with 208% in the previous period.
Management commentary highlighted the strength of the distribution franchise and disciplined execution. Managing Director and CEO Sumit Madan emphasized support for IRDAI’s proposed distribution reforms, while CFO Amrit Singh underscored the contribution of improved product mix to the higher VNB margin and overall profitability.
Max Financial Services Limited (MFSL), the majority shareholder of Axis Max Life with an approximately 80% stake, reported consolidated revenue excluding investment income of ₹17,484 crore, a 16% YoY rise, and consolidated revenue including investment income of ₹26,582 crore, up 17% YoY. Consolidated profit after tax (PAT) for MFSL was ₹219 crore, a 137% increase year‑on‑year.
Company Information: MFSL is part of the Max Group conglomerate. Axis Bank Limited and its affiliates also hold shareholdings in Axis Max Life. The company is registered with IRDAI (Registration No. 104, Company Identification Number U74899HR2000PLC143012).