Max Financial Services (MFSL) Corporate presentation summary

Market positioning and scale

• Holds approximately 10% private market share, ranking #1 in claims paid ratio and #3 in individual retail sum assured.

• Assets under management reached ~INR 1.9 trillion, making it the 4th largest among private life insurers.

• Distribution network includes 585 own branches, 12,200+ partner branches, and ~154,000 agents.

• Covers ~27 trillion sum assured in-force and insures ~20 million lives.

Financial performance and growth

• Achieved a 5-year CAGR of 15% in individual new business and 21% in AUM.

• Value of new business grew 30% YoY to INR 16.33 billion in 9M FY'26; new business margin improved to 23.6%.

• Embedded value reached INR 281.1 billion, with a 5-year CAGR of 20%.

• Gross written premium rose 18% YoY to INR 155.51 billion in 9M FY'26.

• Solvency ratio at 201%, well above regulatory requirements.

Product and channel strategy

• Balanced product mix with strong growth in annuity (107%), protection & health (57%), and NPAR savings (18%) in 9M FY'26.

• Proprietary channels grew at a 24% CAGR (FY20–FY25), with online channels growing at 60% CAGR.

• Partnership channels remain strong, contributing significantly to APE and policy sales.

• Focus on long-term protection and health, with retail protection and health APE more than doubling in five years.