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Max Financial Services (MFSL) investor relations material

Max Financial Services Q1 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 earnings summary8 Aug, 2025

Executive summary

  • Individual adjusted first year premium grew 23% in Q1 FY26, outpacing private sector and industry growth rates, with private market share expanding to 10.0%.

  • Product innovation and digital transformation, including the launch of SmartVibe and a new customer app, enhanced operational excellence and customer engagement.

  • Leadership transition announced, with the Chief Distribution Officer set to become MD and CEO from October.

  • Consolidated revenue from operations for Q1 FY26 was ₹12,821.65 crore, with profit after tax at ₹86.98 crore.

  • Axis Bank increased its stake in the life insurance subsidiary to 19.02% as of April 17, 2024.

Financial highlights

  • Revenue (excluding investment income) grew 18% year-over-year to ₹6,194 crore; gross written premium rose 18% to ₹6,397 crore.

  • Consolidated profit after tax was INR 86–87 crore, impacted by new business strain.

  • Value of new business (VNB) increased 32% to ₹335 crore; new business margin (NBM) expanded to 20.1%.

  • Embedded value as of June stood at ₹26,478 crore, up 20% year-over-year.

  • Assets under management reached ₹1.83 lakh crore, a 14% increase year-over-year.

Outlook and guidance

  • Confident in maintaining margin guidance of 24–25% for FY26, supported by continued investment in distribution channels.

  • Focus remains on sustainable growth, with emphasis on proprietary and bancassurance channels and digital transformation.

  • No immediate need for external capital given current solvency of 190–199%, but open to raising capital if required.

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