Financial Highlights
Axis Max Life Insurance Limited, a subsidiary of Max Financial Services Limited, reported consolidated revenue excluding investment income of ₹7,289 crore for the first quarter of FY 2027, an 18% YoY increase. Including investment income, revenue reached ₹14,977 crore and profit after tax rose 37% to ₹118 crore.
Premium Growth
Individual Adjusted First Year Premium grew 17% YoY to ₹1,810 crore, lifting the private market share by 13 basis points to 10.1%. Total Annualized Premium Equivalent (APE) increased 15% YoY to ₹1,922 crore. At the channel level, the proprietary channel APE rose 15% YoY, driven by a 27% surge in the online channel. Partnership channels expanded 16% YoY, with the Axis channel up 14% and other partnerships up 21%.
Profitability Metrics
New business margin improved by 315 basis points to 23.2% from 20.1% a year earlier. The Value of New Business (VNB) rose 33% YoY to ₹446 crore, up from ₹335 crore. Operating Return on Embedded Value (RoEV) increased 60 basis points to 14.9% from 14.3%.
Balance Sheet and Capital
Embedded Value grew 15% YoY to ₹30,415 crore, up from ₹26,478 crore. Assets Under Management crossed the ₹2 lakh‑crore milestone, reaching ₹2,02,621 crore, an 11% increase. The solvency ratio stood at 198%, a marginal decline of 100 basis points from 199%.
Business Segment Performance
Protection and Health business premiums rose 44% YoY, with rider premiums expanding 57%. The annuity segment delivered an exceptional 116% growth. Group Credit Life (GCL) business expanded 57% YoY, with 45% of the GCL volume sourced from partners added in the last three years, underscoring diversification. Individual renewal premium grew 20% YoY to ₹4,639 crore, contributing to a 19% rise in Gross Written Premium, which reached ₹7,607 crore.
Management Commentary
Sumit Madan, Managing Director and CEO, said the company began FY 27 with strong momentum, outpacing the private market and improving profitability through a balanced product strategy and digital transformation. Amrit Singh, Chief Financial Officer, highlighted the 315‑basis‑point improvement in new business margin, the 33% increase in VNB, and the 15% rise in Embedded Value, emphasizing sustainable profitability and capital efficiency.