Max Financial Services (MFSL) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 saw strong growth despite geopolitical and macro volatility, with robust execution and disciplined risk 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%.

• Individual adjusted first-year premium rose 17% YoY, outpacing private industry growth.

• Focus remained on sustainable, profitable growth and value creation for all stakeholders.

Financial highlights

• Consolidated total income for Q1 FY27 was ₹14,976.61 crore, up from ₹12,824.90 crore in Q1 FY26.

• 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% year-over-year.

• AUM surpassed INR 2 lakh crore, closing at INR 2,03,000 crore (+11%).

• Net worth rose 6% YoY to INR 6,733 crore; operating ROEV at 14.9% vs 14.3% YoY.

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 market uncertainties.

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

• 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.