- Type of Event: The document is a transcript of a post-results earnings conference call held on October 28, 2026, following the declaration of the company's unaudited financial results for the quarter and half year ended September 30, 2026.
- Date and Time: The conference call was held on October 28, 2026. A specific time and time zone were not disclosed in the provided transcript.
- Purpose: The stated purpose of the call was to discuss the Q2 and H1 FY27 financial results and business performance of Max Financial Services Limited and its subsidiary, Axis Max Life Insurance.
- Earnings Announcement Timing: The call was scheduled after the earnings announcement, as indicated by the phrase "post declaration of unaudited Financial Results."
- Management Participants: The following management participants and their designations were provided:
- Mr. Nishant Kumar, Chief Financial Officer of Max Financial Services Limited (for opening remarks)
- Mr. Sumit Madan, Managing Director and CEO
- Mr. Amrit Singh, Chief Financial Officer of Axis Max Life Insurance
- Availability of Materials: The transcript itself was filed with the stock exchanges (BSE and NSE) and has been uploaded on the company's website at https://maxfinancialservices.com/static/uploads/stakeholder/earnings-call-transcript-q2-and-h1-fy27-oct-28-2026.pdf. The transcript notes it may contain errors and was edited for clarity.
- UPSI Statement: The document is a disclosure of the call transcript pursuant to Regulation 30 of SEBI LODR Regulations. The transcript itself does not contain a specific statement confirming that no Unpublished Price Sensitive Information (UPSI) was shared during the call.
Financial Highlights & Guidance (From Transcript Commentary)
The management commentary within the transcript discussed the following financial periods and metrics:
- Financial Period: Q2 FY27 (Quarter ended September 30, 2026) and H1 FY27 (Half Year ended September 30, 2026).
- Key Financial Figures Disclosed:
- Value of New Business (VNB): INR 1,180 crore for H1 FY27, growth of 21% YoY.
- VNB Margin: 25.4% for H1 FY27, an expansion of 210 basis points (bps). VNB Margin for Q2 FY27 was 27%.
- Individual Adjusted First Year Premium: Growth of 12% in H1 FY27 and 9% in Q2 FY27.
- Total APE: Growth of 11% in H1 FY27 and 8% in Q2 FY27.
- Private Market Share: Maintained at 10.1%.
- Annuity Business Growth: 130% in Q2 FY27.
- Pure Retail Protection Growth: 31% in Q2 FY27.
- Embedded Value (EV): INR 31,437 crore as of September 30, 2026, a growth of 17% YoY.
- Annualized Operating Return on Embedded Value (ROEV): 17.3% for H1 FY27, an improvement of 100 bps.
- Assets Under Management (AUM): INR 2.06 lakh crore, growth of 11% YoY.
- Gross Written Premium (GWP): INR 18,066 crore for H1 FY27, growth of 17%.
- Consolidated Profit After Tax (PAT): INR 219 crore for H1 FY27, up 137%.
- Solvency Ratio: 197%.
- Forward-Looking Statements & Guidance: Management expressed confidence in maintaining business momentum. Specific guidance included:
- Expectation of APE growth acceleration in H2 FY27 compared to H1.
- Confidence in continued VNB margin expansion, with a full-year FY27 expectation "closer to 26%" (within a previously guided 25-26% range).
- Confidence in navigating proposed IRDAI EoM (Expenses of Management) cap regulations to reduce the ratio from ~25% to 15% and eventually 12.5% over 2.5 years.
Additional Notes Section
- Attachments: The original regulatory filing (intimation letter) stated that the transcript was enclosed as an attachment.
- Financial Data in Announcement: The provided data text includes the full transcript, which contains extensive financial data and commentary from management. Therefore, the statement "no financial data was disclosed in the announcement" does not apply.