Quarter 1
Financial Year 2026 (“Q1 FY’26”) Highlights:
- Max Financial Services
Limited reports 18% growth in consolidated revenue excluding investment income
- Axis Max Life Insurance
Limited’s private industry market share increased by 121 bps to
10%
- Individual Adjusted First
Year Premium at ₹1,553 crores, grew 23%
- Gross Written Premium: ₹6,397 crores, up 18% Year-on-Year
(YoY)
- VNB (measure of
profitability) at ₹335 crores, up 32% YoY; New business margin improved by
260 bps to 20.1%
- Embedded Value at ₹26,478
crores, grows 20% with an Operating RoEV of 14.3%
- Individual New Business Sum
Assured grew by 26%
- Assets Under Management
(AUM) at ₹1,83,211 crores, up by 14%
- New retail policy sales
increase by 10%
Noida,
August 08, 2025 : Continuing on its growth momentum during Q1 FY’26, Axis
Max Life Insurance Limited (“Axis Max Life”/ “Company”), formerly
known as Max Life Insurance Company Limited, new business growth
(Individual Adjusted First Year Premium) grew by 23% to ₹1,553 crores leading
to private market share gain by 121 basis points (bps) to 10.0%. Number of new
retail policies grew by 10%. The new business growth was fuelled by strong
growth of 40% in Annuity, 36% in Retail Protection & Health and 41% from
NPAR-Savings. Additionally, Axis Max Life has successfully on-boarded 15 new
partners in Q1 FY’26 including 8 Retail and 7 Group business partners.
Further,
the renewal premium rose by 17% to ₹3,873 crores, taking the Gross Written
Premium to ₹6,397 crores, an increase of 18% over the first quarter of previous
financial year. Additionally, Axis Max Life reported New Business Margins of
20.1% in Q1 FY’26 vs 17.5% last year. Value of New Business (VNB), a measure of
profitability experienced a YoY growth of 32% during Q1 FY’26 aided by product
mix improvements.
Prashant
Tripathy, CEO and Managing Director, Axis Max Life, said, "We have started
the fiscal on a positive momentum, achieving a 23% year-on-year increase in
Individual Adjusted First Year Premium. This robust growth is built on a
foundation of a balanced product mix, a wide-reaching and diversified
distribution network, and a relentless focus on innovation to meet the emergent
customer needs. Our New Business Margin improved significantly to 20.1% in the
first quarter, while the Value of New Business (VNB) saw a 32% year-on-year
growth reflecting a proactive and strategic market approach, delivering a 121
basis point gain in Axis Max Life’s private industry market share. This
performance not only demonstrates our operational efficiency but also the
ability to generate sustainable, long-term value. As we move forward, our
aspiration is clear and ambitious: to continue outpacing the industry growth
while marching towards the goal of being among the top 3 private life insurers
in India."
Focusing
on innovation, the Company launched “Axis Max Life app” a digital
platform that integrates life insurance servicing with wellness benefits. This
app is a comprehensive, digital solution for customers, designed to simplify
life insurance management, promote holistic wellness, and enhance overall
customer experience.
Reiterating
its commitment towards its customers, the Company continues to maintain one of
the top industry position in Claims Paid Ratio with a ratio of 99.70%. The
company was also ranked 28th by
GPTW among Top 100 companies to work for in India, among ‘Top
50 India's Best Workplaces” Building A Culture Of Innovation By All’ in
2025 and among the 'Top 25 Best Workplaces in BFSI 2025' in India.
Key
Financial Summary of Axis Max Life:
|
₹ Crores |
Q1 FY'26 |
Q1 FY'25 |
YoY |
|
Financial performance Summary |
|||
|
Individual
Adjusted FYP |
1,553 |
1,260 |
23% |
|
Total
APE |
1,668 |
1,453 |
15% |
|
Renewal
Premium |
3,873 |
3,323 |
17% |
|
Gross
Written Premium |
6,397 |
5,399 |
18% |
|
Number
of Policies (000's) |
166 |
151 |
10% |
|
Individual
New business Sum Assured |
89,079 |
70,846 |
26% |
|
Assets
Under Management |
1,83,211 |
1,61,153 |
14% |
|
Embedded
Value |
26,478 |
22,043 |
20% |
|
RoEV |
14.3% |
14.2% |
10 bps |
|
New
Business Margins |
20.1% |
17.5% |
2.6% |
|
Value
of new business |
335 |
254 |
32% |
|
Solvency |
199% |
203% |
-4.0% |
About Max Financial Services Limited
Max
Financial Services Limited (MFSL) is part of India’s leading business
conglomerate - the Max Group. Focused on Life Insurance, MFSL owns and actively
manages an ~81% majority stake in Axis Max Life.
MFSL is
listed on the NSE and BSE. Besides a ~1.7% holding by Analjit Singh and sponsor
family, some of the other group shareholders include MSI, Capital Group,
Vanguard, Polar, Pictet, Jupiter, Blackrock, Kuwait Investment Authority, Abu
Dhabi Investment Authority, Franklin Templeton, Pioneer, JP Morgan, Norges
Bank, Oxbow Capital, Asset Management Companies - HDFC, Nippon, ICICI
Prudential, DSP, SBI, Kotak, Aditya Birla Sun Life, Mirae, UTI, Canara Robeco,
Invesco, HSBC, Whiteoak, Edelweiss, TATA, Bandhan and PGIM, and Private
Life Insurance Companies – HDFC, SBI, TATA AIA, Kotak, ICICI Pru, Bajaj Allianz
and Aditya Birla Sun Life.
About Axis Max Life Insurance Limited (https://www.axismaxlife.com)
Axis Max
Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a
Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank
Limited. Axis Max Life offers comprehensive protection and long-term savings
life insurance solutions through its multi-channel distribution, including
agency and third-party distribution partners. It has built its operations over
two decades through a need-based sales process, a customer-centric approach to
engagement and service delivery and trained human capital. As per annual
audited financials for FY2024-25, Axis Max Life has achieved a gross written
premium of INR 33,223 Cr.
Axis Max
Life has recently transitioned to a new domain https://www.axismaxlife.com as part of its rebranding
exercise. This migration has no impact on existing policyholders who will
continue to receive all policy benefits and services as earlier.