Financial Performance Highlights

Consolidated Performance (Max Financial Services Limited)

  • Consolidated revenue excluding investment income: ₹17,484 crores, up 16% YoY in H1 FY'27
  • Consolidated revenue including investment income: ₹26,582 crores, up 17% YoY
  • Consolidated PAT: ₹219 crores in H1 FY'27, up 137% YoY

Axis Max Life Insurance Limited Performance

H1 FY'27 Key Metrics:

| Metric | H1 FY'27 | H1 FY'26 | YoY Growth |

| Individual Adjusted FYP | ₹4,368 crores | ₹3,891 crores | 12% |

| Total APE | ₹4,638 crores | ₹4,175 crores | 11% |

| Renewal Premium | ₹11,247 crores | ₹9,503 crores | 18% |

| Gross Written Premium | ₹18,066 crores | ₹15,490 crores | 17% |

| Number of Policies (000's) | 425 | 391 | 9% |

| Individual New Business Sum Assured | ₹2,55,308 crores | ₹2,15,763 crores | 18% |

| Assets Under Management | ₹2,05,657 crores | ₹1,85,336 crores | 11% |

| Embedded Value | ₹31,437 crores | ₹26,895 crores | 17% |

| Value of New Business | ₹1,180 crores | ₹974 crores | 21% |

| New Business Margins | 25.4% | 23.3% | +210 bps |

| RoEV | 17.3% | 16.3% | +100 bps |

| Solvency Ratio | 197% | 208% | |

Expense Ratios:

  • Policyholder Opex to GWP ratio (Including GST): 13.7% vs 15.5% in H1 FY'26 (-174 bps)
  • Policyholder Opex to GWP ratio (Excluding GST): 11.7% vs 14.6% in H1 FY'26 (-290 bps)
  • Policyholder Cost to GWP ratio (Excluding GST): 22.5% vs 25.4% in H1 FY'26 (-290 bps)

Q2 FY'27 Specific Performance

  • New business margin improved by 150 bps to 27.0% in Q2 FY'27
  • Annuity business grew 130% YoY in Q2 FY'27
  • Pure retail protection business grew 37% YoY

Business Segment Performance

Protection Business:

  • Pure retail protection business grew 37% YoY
  • Driven by sustained customer demand and disciplined execution

Retirement Business:

  • Represents significant long-term growth opportunity
  • Launched Smart Retirement Income with Sustained Earnings Plan (SMART RISE) (UIN: 104N160V01)
  • Innovative solution combining flexible lifelong income with market linked variable annuity option
  • Strong customer acceptance driving growth

Market Position:

  • Private market share at 10.1% in H1 FY'27
  • Assets Under Management: ₹2.06 lakh crores as of September 30, 2026

Management Commentary

Sumit Madan, Managing Director and CEO, Axis Max Life:

  • Performance reflects strength of distribution franchise and disciplined execution
  • Welcomes IRDAI's efforts to evolve distribution framework
  • Supports emphasis on simpler distribution economics, stronger persistency outcomes, better alignment of commissions and expenses, and enhanced policyholder protection
  • Believes balanced approach will strengthen trust in insurance ecosystem and accelerate sector growth

Amrit Singh, Chief Financial Officer, Axis Max Life:

  • Strong performance driven by 12% growth in Individual Adjusted First Year Premium
  • 18% growth in renewal premium driving overall premium growth
  • Improved product mix lifted VNB Margin to 25.4%
  • Embedded Value growth of 17% YoY to ₹31,437 crores
  • Annualized operating RoEV improved by 100 bps to 17.3%

Corporate Structure

  • Max Financial Services Limited owns and actively manages ~80% majority stake in Axis Max Life
  • Axis Bank Limited and its affiliates are also shareholders of Axis Max Life
  • Company formerly known as Max Life Insurance Company Limited
  • IRDAI Registration No: 104
  • Company Identification Number: U74899HR2000PLC143012

Disclaimer Notes

  • Contains forward-looking statements subject to significant risks and uncertainties
  • Actual results may differ materially from forward-looking statements
  • Company assumes no obligation to update forward-looking statements
  • Document does not constitute an offer to sell securities