First Quarter Financial Year 2027 (“3M FY’27”) Highlights:
● Max
Financial Services Limited reports 18% growth in consolidated revenue excluding
investment income
● Axis
Max Life’s private market share increases by 13 bps to 10.1%
● Individual
Adjusted First Year Premium at ₹1,810 crores, grew 17% YoY
● Gross
Written Premium: ₹7,607 crores, up 19% Year-on-Year (YoY)
● Measure
of profitability – Value of New Business (VNB) at ₹446 crores with a YoY growth
of 33%
● New
business margin improved by 315 bps to 23.2%; Total APE achieved growth of 15%
● Embedded
Value at ₹30,415 crores, grew 15% with an Operating RoEV of 14.9%
● Individual
New Business Sum Assured grew by 32%
● Assets
Under Management (AUM) crossed a key milestone of ₹2 lakh crores and grew by
11%
New Delhi, August 18, 2026: Max Financial Services Limited
has recorded consolidated revenue excluding investment income at ₹7,289 crores,
growing 18% year-on-year in 3M FY’27. The consolidated revenue including
investment income stands at ₹14,977 crores and consolidated Profit after Tax
(PAT) at ₹118 crores in 3M FY’27 grew by 37%.
Axis Max Life Insurance Limited, formerly
known as Max Life Insurance Company Limited (“Axis Max Life” / “Company”),
has reported new business growth (Individual Adjusted First Year Premium) of
17% in 3M FY’27, reaching ₹1,810 crores. This has resulted in a private market
share gain of 13 basis points (bps) to 10.1%. Axis Max Life has delivered a 15%
YoY Annualized Premium Equivalent (APE) growth in the fiscal. At a channel
level, Proprietary channel APE grew by 15% YoY, driven by robust 27% growth from
online channel, reinforcing the Company’s continued leadership within the
E-commerce space. In the first quarter, Axis Max Life’s partnership channels
grew by 16%, supported by 14% growth from Axis channel and and 21% from other
partnerships underscoring the breadth and resilience of our distribution
franchise.
Axis Max Life continues to make strong progress in the Group Credit
Life (“GCL”) segment, delivering 57% growth in 3M FY’27. It is noteworthy, that
45% of its GCL business has been sourced from partners added in last 3 years,
diversifying the presence in this segment.
During the quarter, the Company further strengthened its proposition
for the self-employed customer segment. As a result, the Protection and Health
business grew 44%, led by 57% growth in riders, reflecting increasing customer
demand for comprehensive protection solutions. The Annuity business delivered
an exceptional 116% growth during the quarter.
Further, in 3M FY’27, Axis Max Life has reported new business margins
of 23.2% up from 20.1% during the same period last year. The value of new
business, a measure of profitability, experienced a YoY growth of 33%.
Additionally, Axis Max Life’s individual renewal premium grew by 20% to ₹4,639
crores, taking the gross written premium to ₹7,607 crores, an 19% YoY increase.
Sumit Madan, Managing Director and CEO, Axis Max Life, said,
“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. We continued to see
broad-based growth across channels, led by strong momentum in both proprietary
and partnership channels. Our balanced product strategy and disproportionate
focus towards building segments of choice is reflected in 44% increase in
protection and health and 116% growth in annuities resulting in improved
profitability.
At the same time, we are accelerating our digital and tech
transformation to become an intelligence-led enterprise. We continue to embed
AI, analytics and automation across customer acquisition, distribution,
underwriting and servicing, enabling superior customer experiences, stronger
productivity and faster decision-making. As customer expectations evolve, our
focus remains on combining technology, innovation and human expertise to drive
profitable growth, deepen customer engagement and create long-term value for
all stakeholders.”
Amrit Singh, Chief Financial Officer, Axis Max Life stated, “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. Renewal premiums grew 20% year-on-year, supporting a 19% increase in
Gross Written Premium and reinforcing the resilience of our in-force franchise.
We also strengthened our core financial foundations, with Embedded
Value increasing 15% to ₹30,415 crore and Operating RoEV improving to 14.9%.
These outcomes reflect our emphasis on sustainable profitability, capital
efficiency and consistent value creation for shareholders.”
Key Financial Summary of Axis Max Life:
|
₹ Crores |
3M FY’27 |
3M FY’26 |
YoY |
|
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 |
About Max Financial Services Limited (https://maxfinancialservices.com)
Max Financial Services Limited (MFSL) is part of 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.
Company Information Number - L24223HR1988PLC145368
About Axis Max Life Insurance Limited (https://www.axismaxlife.com)
Axis Max Life Insurance Limited (the “Company”), formerly known as Max
Life Insurance Company Ltd., is a subsidiary of Max Financial Services Limited
(“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of
the Company. Axis Max Life offers comprehensive protection and long-term
savings life insurance solutions through its multi-channel distribution,
including agency and third-party partners. The Company has built its operations
on a need-based sales process, a customer centric engagement model and trained
human capital. As per audited financials for FY2025-26, Axis Max Life recorded
a gross written premium of INR 38,877 crore.
IRDAI Registration. No – 104
Company Identification Number - U74899HR2000PLC143012
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