Max Financial Services (MFSL) Q4 25/26 earnings summary

Executive summary

• Revenue excluding investment income grew 17% YoY to ₹38,039 crore; consolidated PAT at ₹106 crore.

• Individual adjusted first year premium rose 19% YoY to ₹9,885 crore, outpacing private industry growth.

• Private market share expanded to 10.4% in FY'26, up 56 bps from FY'25.

• Audited standalone and consolidated financial results for the year ended March 31, 2026, were approved, with unmodified opinions.

• The group includes Axis Max Life Insurance Limited (AMLI), Max Life Pension Fund Management Limited, and Max Financial Employees Welfare Trust.

Financial highlights

• Consolidated revenue from operations for FY26 was ₹47,674.11 crore, up from ₹46,468.91 crore in FY25.

• Gross written premium grew 17% YoY to ₹38,877 crore.

• Consolidated profit after tax for FY26 was ₹105.56 crore, down from ₹403.38 crore in FY25.

• Embedded value (EV) at ₹28,871 crore, up 15% YoY.

• Total assets (consolidated) as of March 31, 2026, stood at ₹1,98,935.56 crore.

Outlook and guidance

• Focus remains on VNB growth through balanced product mix and higher business volumes.

• Board approved an enabling resolution to raise up to ₹1,600 crore to meet funding requirements of AMLI.

• Axis Bank subscribed to a further 6.02% equity in AMLI in April 2024, reducing the company’s stake to 80.98%.

• Proposed amalgamation of the company with AMLI is underway, subject to regulatory and shareholder approvals.

• Strategic push in protection, health, and annuity segments for long-term growth.