Financial Performance Summary

Max Financial Services Limited reported consolidated revenue excluding investment income of ₹7,289 crores for 3M FY'27, representing 18% year-on-year growth. Consolidated revenue including investment income stood at ₹14,977 crores. Consolidated Profit after Tax (PAT) reached ₹118 crores, growing 37% year-on-year.

Axis Max Life Insurance Key Metrics (₹ Crores)

| Metric | 3M FY'27 | 3M FY'26 | YoY Growth |

| Individual Adjusted FYP | 1,810 | 1,553 | 17% |

| Total APE | 1,922 | 1,668 | 15% |

| Renewal Premium | 4,639 | 3,873 | 20% |

| Gross Written Premium | 7,607 | 6,397 | 19% |

| Number of Policies (000's) | 187 | 166 | 12% |

| Individual New Business Sum Assured | 1,17,277 | 89,079 | 32% |

| Assets Under Management | 2,02,621 | 1,83,211 | 11% |

| Embedded Value | 30,415 | 26,478 | 15% |

| RoEV | 14.9% | 14.3% | 60 bps |

| New Business Margins | 23.2% | 20.1% | 315 bps |

| Value of New Business | 446 | 335 | 33% |

| Solvency | 198% | 199% | -100 bps |

Business Performance Highlights

Market Position: Axis Max Life's private market share increased by 13 basis points to 10.1%.

Channel Performance:

  • Proprietary channel APE grew 15% YoY, with online channel growing 27% YoY
  • Partnership channels grew 16% YoY
  • Axis channel grew 14% YoY
  • Other partnerships grew 21% YoY

Segment Performance:

  • Group Credit Life segment delivered 57% growth in 3M FY'27
  • 45% of GCL business sourced from partners added in last 3 years
  • Protection and Health business grew 44%
  • Riders grew 57%
  • Annuity business delivered 116% growth

Strategic Initiatives: The Company strengthened its proposition for the self-employed customer segment and is accelerating digital and tech transformation to become an intelligence-led enterprise, embedding AI, analytics and automation across customer acquisition, distribution, underwriting and servicing.

Management Commentary

Sumit Madan, Managing Director and CEO: "Axis Max Life has begun FY'27 with strong momentum, delivering 17% growth in Individual Adjusted First Year Premium in Q1, outpacing the private market leading to an improvement in private market share to 10.1%. This performance reflects disciplined execution across our distribution."

Amrit Singh, Chief Financial Officer: "Our 3M FY'27 performance reflects a continued focus on quality growth and disciplined capital management. New Business Margin improved by 315 basis points to 23.2%, resulting in a 33% growth in Value of New Business to ₹446 crore."

Milestone Achievement

Assets Under Management crossed a key milestone of ₹2 lakh crores and grew by 11% to ₹2,02,621 crores.

Corporate Structure

Max Financial Services Limited owns and actively manages an ~81% majority stake in Axis Max Life Insurance Limited (formerly known as Max Life Insurance Company Limited). Axis Bank Limited and its affiliates are also shareholders of the Company.