Max Financial Services (MFSL) Q3 25/26 earnings summary

Executive summary

• Insurance Act amendments raised FDI limit to 100% and enabled insurer-non-insurer mergers, with board approval for Axis Max Life and MFSL amalgamation.

• Individual adjusted first-year premium grew 20% YoY to Rs 6,396 crore in 9M FY26, with policy count up 18% and private market share rising to 9.8%.

• Consolidated profit after tax reached Rs 137 crore, with VNB up 30% YoY to Rs 1,633 crore and NBM at 23.6%.

• Assets under management reached Rs 1.92 lakh crore, up 12% YoY.

• Leadership in online protection and savings, with 51 new partners onboarded in 9M FY26.

Financial highlights

• Revenue (excluding investment income) reached Rs 24,625 crore, up 18% in 9M FY26; consolidated revenue including investment income was Rs 36,891 crore.

• Gross written premium increased 18% YoY to Rs 25,195 crore; renewal premium up 17% to Rs 15,591 crore.

• Consolidated profit after tax for 9M FY26 was Rs 137 crore, down from Rs 365.10 crore YoY, impacted by fair value and GST.

• Embedded Value at Rs 28,110 crore, up 16% YoY; annualized operating ROEV at 16.9%.

• Solvency ratio improved to 201% from 196% YoY.

Outlook and guidance

• Confident of sustaining growth momentum, aiming for 300-500 bps above industry growth.

• FY26 NBM guidance reaffirmed at 24%-25%, with margin impact from GST expected to be fully mitigated.

• Focus on expanding partnerships, digital investments, and maintaining balanced product mix.

• Digital transformation and AI integration to enhance efficiency and customer experience.

• Persistency and customer NPS targeted for further improvement.