Max Financial Services (MFSL) investor relations material

Executive summary

• Q1 FY27 saw strong growth despite geopolitical and macroeconomic volatility, with a focus on execution, risk, and capital management.

• Revenue excluding investment income grew 18% YoY to INR 7,289 crore; consolidated PAT at INR 118 crore.

• Axis Bank increased its stake in the life insurance subsidiary to 19.99% via INR 381 crore infusion, boosting solvency to 198%.

• Strategic initiatives included new product launches for NRIs and HNIs, and expansion in Tier 2/3 markets.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved by the Board and reviewed by statutory auditors, with no material misstatements identified.

Financial highlights

• Individual adjusted first-year premium grew 17% YoY, with a two-year CAGR of 20%.

• APE rose 15%, with proprietary and partnership channels growing 15% and 16% respectively; online APE up 27%.

• Group Credit Life segment grew 57%; annuities business up 116%.

• Revenue (excluding investment income) increased 18% to INR 7,289 crore; consolidated PAT at INR 118 crore.

• Gross written premium up 19% to INR 7,607 crore; renewal premium up 20% to INR 4,639 crore.

• Embedded value at INR 30,415 crore, up 15% YoY; AUM surpassed INR 2 lakh crore, closing at INR 2,03,000 crore (+11%).

Outlook and guidance

• Management aims for VNB growth to outpace APE growth, with continued margin improvement.

• Confident in sustaining APE and margin profiles through FY 2027, despite evolving market conditions.

• Focus on sustainable growth, digital transformation, and product innovation.

• Continued leadership in online acquisition and protection segments.

• Persistency and customer experience remain key priorities.

• The company continues to pursue the proposed amalgamation with its life insurance subsidiary, subject to regulatory and shareholder approvals.