Consolidated Financial Performance (MFSL)

  • Revenue (excluding investment income): ₹17,484 crore, grew 16% YoY in H1FY27
  • Consolidated Revenue (including investment income): ₹26,582 crore, grew 17% YoY
  • Consolidated Profit After Tax: ₹219 crore, increased 137% YoY

Axis Max Life Insurance Key Metrics H1FY27

Premium Performance

  • Total APE (excluding Group Term Life): ₹4,638 crore, grew 11% YoY (3-year CAGR 19%)
  • Individual Adjusted FYP: ₹4,368 crore, grew 12% YoY (3-year CAGR 20%)
  • Gross Written Premium: ₹18,066 crore, grew 17% YoY
  • Renewal Premium: ₹11,247 crore, grew 18% YoY
  • Policies Sold: 425,000, grew 9% YoY

Value Creation Metrics

  • Value of New Business (VNB): ₹1,180 crore, grew 21% YoY
  • New Business Margin (NBM): 25.4%, improved 210 bps YoY
  • Q2 FY27 VNB: ₹734 crore, grew 15% YoY with NBM of 27.0%
  • Operating RoEV: 17.3%, improved 100 bps YoY
  • Embedded Value (as of Sept'26): ₹31,437 crore, grew 17% YoY
  • Solvency Ratio (as of Sep'26): 197% (pre-dividend)

Asset Management

  • Assets Under Management: ₹2,05,657 crore, grew 11% YoY
  • 4th largest manager of private life insurance AUMs
  • Investment Quality: More than 95% of debt investments in sovereign papers and AAA rated securities

Operational Efficiency

  • Policyholder Cost to GWP Ratio: Improved 165 bps YoY to 24.5% in H1FY27 from 26.2% in H1FY26
  • Excluding GST, PH Cost to GWP Ratio: Improved 290 bps to 22.5% from 25.4%
  • PH Opex to GWP Ratio: 13.7%, improved 174 bps YoY

Distribution Channel Performance H1FY27

Proprietary Channels

  • APE grew 12% YoY driven by 28% growth in Online proprietary channel
  • Maintained leadership position in Overall E-commerce (company estimates)

Partnership Channels

  • Total Partnership APE grew 11% YoY
  • Axis Bank channel grew 8%
  • Other partnerships grew 21%
  • On-boarded 15 new partners during H1FY27
  • Awarded 'India's Best Bancassurance Partnership' at Insurance Asia News Country Awards for Excellence 2026

Product Segment Performance H1FY27

Protection & Health

  • Retail Protection & Health APE: ₹685 crore, grew 27% YoY
  • Pure Protection (ex-Riders and Health): ₹521 crore, grew 37% YoY
  • Rider & Health: ₹164 crore, grew 2% YoY
  • Individual Sum Assured: ₹2,55,308 crore, grew 18% YoY
  • Maintained Rank 3 in Individual Sum Assured

Annuity Business

  • Annuity APE: ₹772 crore, grew 125% YoY
  • Q2 FY27 Annuity APE: ₹526 crore, grew 130% YoY

Other Product Categories

  • Par Products APE: ₹707 crore, grew 33% YoY
  • NPAR Savings APE: ₹683 crore, declined 41% YoY
  • ULIP APE: ₹1,696 crore, grew 11% YoY
  • Group Credit Life APE: ₹95 crore, grew 47% YoY
  • Group Term Life APE: ₹262 crore, declined 1% YoY

Product Innovation Highlights

  • Launched Smart Retirement Income with Sustained Earnings Plan: Contributing 8% of Total APE, featuring flexible lifelong income and NIFTY 50-linked variable annuity option
  • Relaunched Smart Term Plan Plus: With 8 flexible protection variants, life cover up to age 100, and enhanced women-centric benefits including maternity cover
  • GIFT City Business: Scaling up rapidly, now contributing >5% of ULIP APE
  • Rider Attachment Rate: 39% for H1FY27, with Rider APE growing 19%

Operational Excellence & Recognition

Claims Performance

  • Claims Paid Ratio: 99.8% in FY26 (as per annual audited financials)
  • InstaClaim Proposition: 63% of eligible claims processed instantly

Awards & Recognition

  • Ranked #28 in India's Best Companies to Work For 2026 by Great Place to Work®
  • Top 50 India's Best Workplaces for Women 2026 (Large Category)
  • Top 50 India's Best Places For Health And Wellness
  • ESG Rating by CRISIL: Improved 8 points from 62 in FY25 to 70 in FY26
  • Multiple awards for innovation, AI use, customer experience, and marketing campaigns

Strategic Pillars & Progress

Growth Strategy Execution

  • Proprietary Distribution: Fastest growing profitable proprietary distribution
  • Online Acquisition: Maintained leadership in online protection
  • Bancassurance Partnerships: Deepened Axis Bank partnership
  • Inorganic Expansion: Continued expansion efforts

Digital Transformation

  • Customer App: 12 lakh+ installs with 80% YoY growth in customer self-service interactions
  • 4 Enterprise AI Platforms: Humanoid-bots, AI Co-pilots (Sales & CS), Hyper-personalized Next-Best-Action nudges, Bank partner intelligence
  • Digital Penetration: 89.93% as of 30th Sept 2026 (targeting 92.5% by FY27)

Risk Management Framework

  • Asset Liability Management: Comprehensive hedging program, cash flow and duration matching
  • Underwriting Controls: Stringent medical and financial underwriting with AI-based risk models
  • Investment Risk Management: Three-line defense model (Front Office - CIO, Middle Office - CRO, Back Office - CFO)

ESG Performance

Governance & Compliance

  • Board Composition: Diverse with >50% Independent Directors (MFSL) and ~30% (Axis Max Life)
  • Information Security: BitSight rating of 800 (top 3 insurance companies in India)
  • Certifications: ISO 27001 (Information Security) and ISO 22301 (Business Continuity)

Environmental Initiatives

  • Carbon Neutrality Target: Net-zero by 2050
  • Solar Power Generation: ~18,998 units at 90C office, reducing CO2 emissions by 13.7 tons YTD
  • Water Conservation: 2,134 KL water recycled through STP in YTD
  • Waste Management: Sanitary pad disposal bins installed, tissue paper usage discontinued

Social Responsibility

  • Gender Diversity Ratio: 30.3% as of 30th Sept 2026 (targeting 31% by FY27)
  • Employee Learning: 44 average learning hours per employee
  • CSR Initiatives: 20,000+ beneficiaries linked to government welfare schemes

Capital Management

  • Debt Raise: ₹686 crore completed, supporting solvency ratio
  • Net Worth: ₹6,830 crore, grew 9% YoY
  • Profit Before Tax: ₹234 crore, grew 35% YoY

Sensitivity Analysis (as at 30th September 2026)

The embedded value and new business metrics show sensitivity to various factors:

  • 10% Increase in Lapse/Surrender: EV decreases 0.2%, VNB decreases 4.5%
  • 10% Increase in Mortality: EV decreases 3.3%, VNB decreases 7.8%
  • 10% Increase in Expenses: EV decreases 0.8%, VNB decreases 10.8%
  • 1% Increase in Risk Free Rates: EV decreases 3.0%, VNB increases 0.5%
  • Corporate Tax Rate increased to 25%: EV decreases 10.1%, VNB decreases 15.6%

Methodology Notes

  • Valuation Approach: Market consistent methodology used for EV and VNB calculations
  • Covered Business: All business included except one-year renewable group term business and group fund business due to immateriality
  • Economic Assumptions: Risk-free (government bond) spot rate yield curve taken from FBIL as at September 2026
  • Demographic Assumptions: Lapse and mortality assumptions set by product line and distribution channel on best estimate basis