Financial Year 2026 (“FY’26”) Highlights:
- Max Financial Services Limited reports 17% growth in consolidated revenue excluding investment income
- Axis Max Life’s Private market share increases by 56 bps to 10.4%
- Individual Adjusted First Year Premium at ₹9,885 crores, grew 19% YoY
- Gross Written Premium: ₹38,877 crores, up 17% Year-on-Year (YoY)
- Measure of profitability – Value of New Business (VNB) at ₹2,647 crores with a YoY growth of 26%
- New business margin improved to 25.2%; Total APE growth of 20% achieved
- Embedded Value at ₹28,871 crores, grew 15% with an Operating RoEV of 18.7%
- Individual New Business Sum Assured grew by 42%
- Assets Under Management (AUM) at ₹1.89 lakh crores, up by 8% YoY
New Delhi, May 13, 2026: Max Financial Services Limited has recorded consolidated revenue excluding investment income at ₹38,039 crores, growing 17% year-on-year in FY’26. The consolidated revenue including investment income stands at ₹47,696 crores and consolidated Profit after Tax (PAT) at ₹106 crores in FY’26.
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited (“Axis Max Life” / “Company”), has reported new business growth (Individual Adjusted First Year Premium) of 19% in FY’26, reaching ₹9,885 crores. This has resulted in a private market share gain of 56 basis points (bps) to 10.4%. Axis Max Life has delivered a 20% YoY Annualized Premium Equivalent (APE) growth in the fiscal. This performance was driven by Proprietary channel APE growth of 28% YoY, Total Partnership APE growth of 14%, and New Partnership APE growth of 90%. In the fiscal, Axis Max Life has secured 60 new business partnerships.
Further, in FY’26, Axis Max Life’s individual renewal premium grew by 16% to ₹24,374 crores, taking the Gross Written Premium to ₹38,877 crores, an 17% YoY increase. Additionally, the Company has reported New Business Margins of 25.2% in FY’26 up from 24% during the same period last year. The Value of New Business, a measure of profitability, experienced a YoY growth of 26%.
Sumit Madan, Managing Director and CEO, Axis Max Life, said, “Axis Max Life has delivered a double-digit Individual Adjusted FYP growth of 19% in the fiscal, ahead of private industry growth of 12%. This is underpinned by the growth across our proprietary and partnership verticals. This has led our market share to expand by 56 bps and is at 10.4% in FY’26, thus maintaining our market position.”
Key Financial Summary of Axis Max Life:
|
₹ Crores |
FY’26 |
FY’25 |
YoY |
|
Financial performance Summary |
|||
|
Individual Adjusted FYP |
9,885 |
8,329 |
19% |
|
Total APE |
10,502 |
8,770 |
20% |
|
Renewal Premium |
24,374 |
21,049 |
16% |
|
Gross Written Premium |
38,877 |
33,223 |
17% |
|
Number of Policies (000’s) |
935 |
794 |
18% |
|
Individual New business Sum Assured |
5,43,210 |
3,83,670 |
42% |
|
Assets Under Management |
1,89,795 |
1,75,072 |
8% |
|
Embedded Value |
28,871 |
25,192 |
15% |
|
RoEV |
18.7% |
19.1% |
-40 bps |
|
New Business Margins |
25.2% |
24.0% |
120 bps |
|
Value of new business |
2,647 |
2,107 |
26% |
|
Solvency |
194% |
201% |
-700 bps |
About Max Financial Services Limited (https://maxfinancialservices.com)
Max Financial Services Limited (MFSL) is part of 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.
Company Information Number – L24223HR1988PLC145368
About Axis Max Life Insurance Limited (https://www.axismaxlife.com)
Axis Max Life Insurance Limited (the “Company”), formerly known as Max Life Insurance Company Ltd., is a subsidiary of Max Financial Services Limited (“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of the Company. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party partners. The Company has built its operations on a need-based sales process, a customer-centric engagement model and trained human capital. As per audited financials for FY2024-25, Axis Max Life recorded a gross written premium of INR 33,223 crore.
IRDAI Registration. No – 104
Company Information Number – U74899HR2000PLC143012
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