First Half Financial Year 2026 (“H1 FY’26”)
Highlights:
- Max
Financial Services Limited reports 18% growth in consolidated revenue excluding
investment income - Individual
Adjusted First Year Premium at ₹3, 891 crores, grew 18% - Axis
Max Life continues to grow faster than private industry with market share
increasing by 83 bps to 10.1% in H1 FY’26 - Gross
Written Premium: ₹15,490 crores, up 18% Year-on-Year (YoY) - VNB
(measure of profitability) at ₹ 974 crores with a YoY growth of 27% - New
business margin improved by 210 bps to 23.3% in H1 FY’26 and by 190 bps to
25.5% in Q2 FY’26 - Embedded
Value at ₹26,895 crores, grew 15% with an Operating RoEV of 16.3% - Individual
New Business Sum Assured grew by 25% - Assets
Under Management (AUM) at ₹1.85 lakh crores, up by 9%
Noida, November 14, 2025 : Max Financial Services
Limited has recorded consolidated revenue excluding
investment income at ₹15,090 crores that grew by 18% year-on-year in H1 FY’26.
The consolidated revenue including investment income stands at ₹22,624 crores
and consolidated PAT at ₹92 crores in H1 FY’26.
Continuing to outpace the private life insurance
industry in H1 FY’26, Axis Max Life Insurance Limited (“Axis
Max Life”), has reported new business growth (Individual Adjusted First
Year Premium) of 18% in H1 FY’26, reaching ₹3,891 crores. This has resulted in
a private market share gain of 83 basis points (bps) to 10.1%. As one of the
fastest growing life insurers, Axis Max Life has delivered a 15% YoY Annualized
Premium Equivalent (APE) growth in the first half of the fiscal. This strong
performance was driven by robust growth in its offline proprietary channels and
the scaling up of new partnerships established over the past few years.
Furthermore, Axis Max Life successfully onboarded 31 new partners in H1 FY’26,
including 16 retail and 15 group business partners.
Further, the Axis Max Life’s renewal premium grew by
18% to ₹9,503 crores, taking the Gross Written Premium to ₹15,490 crores – an
18% YoY increase. Additionally, Axis Max Life reported New Business Margins of
23.3% in H1 FY’26 up from 21.2% during the same period last year. The Value of
New Business (VNB), a measure of profitability experienced a YoY growth of 27%
outperforming the peers, aided by improvements in product mix. Axis Max Life
led the industry in Retail protection sales in H1 FY’26 and maintained the
leadership in the online market, in both protection and savings category.
Sumit Madan, CEO and Managing Director, Axis Max
Life, said, “In the first half of FY’26, Axis Max
Life continued to deliver strong growth in Individual Adjusted First Year
Premium and Value of New Business, led by our proprietary channels and further
supported by our partnership verticals. This has resulted in a market share of
10.1%, underscoring the strength of our balanced channel mix and our ability to
nurture every relationship. Our consistent expansion in new business margins
reflects disciplined execution and a strategic focus on a profitable,
well-balanced product portfolio and sustainable growth. As one of the
fastest-growing players in the sector, we remain committed to enhancing our
competitive edge and deepening customer trust as we work towards achieving
leadership scale in the private life insurance space.”
Reaffirming its commitment to fostering a progressive
and people-first workplace, Axis Max Life Insurance has been honoured by the
Great Place to Work® (GPTW®) Institute for several cultural achievements. The
company has been featured among India’s Best Workplaces for Women
(Large) and India’s Best Workplaces in Diversity, Equity,
Inclusion, and Belonging (Large), underscoring its dedication to building
an inclusive and empowering environment for all employees.
Key Financial Summary of Axis Max Life:
|
₹ Crores |
H1 FY’26 |
H1 FY’25 |
YoY |
|
Financial performance Summary |
|||
|
Individual Adjusted FYP |
3,891 |
3,309 |
18% |
|
Total APE |
4,175 |
3,623 |
15% |
|
Renewal Premium |
9,503 |
8,046 |
18% |
|
Gross Written Premium |
15,490 |
13,137 |
18% |
|
Number of Policies (000’s) |
391 |
356 |
10% |
|
Individual New business Sum Assured |
2,15,763 |
1,72,338 |
25% |
|
Assets Under Management |
1,85,336 |
1,70,144 |
9% |
|
Embedded Value |
26,895 |
23,338 |
15% |
|
RoEV |
16.3% |
16.8% |
-50 bps |
|
New Business Margins |
23.3% |
21.2% |
210 bps |
|
Value of new business |
974 |
766 |
27% |
|
Solvency |
208% |
198% |
1000 bps |
About Max Financial Services Limited
Max Financial Services Limited (MFSL) is part of
India’s leading business conglomerate – the Max Group. Focused on Life
Insurance, MFSL owns and actively manages an ~81% majority stake in Axis Max
Life.
MFSL is listed on the NSE and BSE. Besides a ~1.7%
holding by Analjit Singh and sponsor family, some of the other group
shareholders include MSI, Capital Group, Vanguard, Polar, Pictet, Jupiter,
Blackrock, Kuwait Investment Authority, Abu Dhabi Investment Authority,
Franklin Templeton, Pioneer, JP Morgan, Norges Bank, Principal Funds, BNP
Paribas, Canada Pension Fund, MIT, Asset Management Companies – HDFC, Nippon,
ICICI Prudential, DSP, SBI, Kotak, Aditya Birla Sun Life, Mirae, UTI, Canara
Robeco, Invesco, HSBC, Whiteoak, Edelweiss, TATA, Bandhan, Abakkus and
PGIM, and Private Life Insurance Companies – HDFC, SBI, TATA AIA, Kotak,
ICICI Pru, Bajaj Allianz, Canara HSBC and Aditya Birla Sun Life.
About Axis Max Life Insurance Limited (https://www.axismaxlife.com)
Axis Max Life Insurance Limited, formerly known as Max
Life Insurance Company Ltd., is a Joint Venture between Max Financial Services
Limited (“MFSL”) and Axis Bank Limited. Axis Max Life offers comprehensive
protection and long-term savings life insurance solutions through its
multi-channel distribution, including agency and third-party distribution partners.
It has built its operations over two decades through a need-based sales
process, a customer-centric approach to engagement and service delivery and
trained human capital. As per annual audited financials for FY2024-25, Axis Max
Life has achieved a gross written premium of INR 33,223 Cr.
Axis Max Life has recently transitioned to a new
domain https://www.axismaxlife.com
as part of its rebranding exercise. This migration has no impact on existing
policyholders who will continue to receive all policy benefits and services as
earlier.
Disclaimer
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Services Limited (the “Company”) solely for the announcement of the Company’s
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