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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.
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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