Axis Max Life Insurance reports 17% YoY growth in Individual Adjusted First Year Premium in 3M FY’27; VNB increases by 33% YoY

●      Max Financial Services Limited reports 18% growth in consolidated revenue excluding investment income

●      Axis Max Life’s private market share increases by 13 bps to 10.1%

●      Individual Adjusted First Year Premium at ₹1,810 crores, grew 17% YoY

●      Gross Written Premium: ₹7,607 crores, up 19% Year-on-Year (YoY)

●      Measure of profitability – Value of New Business (VNB) at ₹446 crores with a YoY growth of 33%

●      New business margin improved by 315 bps to 23.2%; Total APE achieved growth of 15%

●      Embedded Value at ₹30,415 crores, grew 15% with an Operating RoEV of 14.9%

●      Individual New Business Sum Assured grew by 32%

●      Assets Under Management (AUM) crossed a key milestone of ₹2 lakh crores and grew by 11%

New Delhi, August 18, 2026: Max Financial Services Limited has recorded consolidated revenue excluding investment income at ₹7,289 crores, growing 18% year-on-year in 3M FY’27. The consolidated revenue including investment income stands at ₹14,977 crores and consolidated Profit after Tax (PAT) at ₹118 crores in 3M FY’27 grew by 37%.

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 17% in 3M FY’27, reaching ₹1,810 crores. This has resulted in a private market share gain of 13 basis points (bps) to 10.1%. Axis Max Life has delivered a 15% YoY Annualized Premium Equivalent (APE) growth in the fiscal. At a channel level, Proprietary channel APE grew by 15% YoY, driven by robust 27% growth from online channel, reinforcing the Company’s continued leadership within the E-commerce space. In the first quarter, Axis Max Life’s partnership channels grew by 16%, supported by 14% growth from Axis channel and and 21% from other partnerships underscoring the breadth and resilience of our distribution franchise.

Axis Max Life continues to make strong progress in the Group Credit Life (“GCL”) segment, delivering 57% growth in 3M FY’27. It is noteworthy, that 45% of its GCL business has been sourced from partners added in last 3 years, diversifying the presence in this segment.

During the quarter, the Company further strengthened its proposition for the self-employed customer segment. As a result, the Protection and Health business grew 44%, led by 57% growth in riders, reflecting increasing customer demand for comprehensive protection solutions. The Annuity business delivered an exceptional 116% growth during the quarter.

Further, in 3M FY’27, Axis Max Life has reported new business margins of 23.2% up from 20.1% during the same period last year. The value of new business, a measure of profitability, experienced a YoY growth of 33%. Additionally, Axis Max Life’s individual renewal premium grew by 20% to ₹4,639 crores, taking the gross written premium to ₹7,607 crores, an 19% YoY increase.

Sumit Madan, Managing Director and CEO, Axis Max Life, said, “Axis Max Life has begun FY'27 with strong momentum, delivering 17% growth in Individual Adjusted First Year Premium in Q1, outpacing the private market leading to an improvement in private market share to 10.1%. This performance reflects disciplined execution across our distribution. We continued to see broad-based growth across channels, led by strong momentum in both proprietary and partnership channels. Our balanced product strategy and disproportionate focus towards building segments of choice is reflected in 44% increase in protection and health and 116% growth in annuities resulting in improved profitability.

At the same time, we are accelerating our digital and tech transformation to become an intelligence-led enterprise. We continue to embed AI, analytics and automation across customer acquisition, distribution, underwriting and servicing, enabling superior customer experiences, stronger productivity and faster decision-making. As customer expectations evolve, our focus remains on combining technology, innovation and human expertise to drive profitable growth, deepen customer engagement and create long-term value for all stakeholders.”

Amrit Singh, Chief Financial Officer, Axis Max Life stated, “Our 3M FY'27 performance reflects a continued focus on quality growth and disciplined capital management. New Business Margin improved by 315 basis points to 23.2%, resulting in a 33% growth in Value of New Business to ₹446 crore. Renewal premiums grew 20% year-on-year, supporting a 19% increase in Gross Written Premium and reinforcing the resilience of our in-force franchise.

We also strengthened our core financial foundations, with Embedded Value increasing 15% to ₹30,415 crore and Operating RoEV improving to 14.9%. These outcomes reflect our emphasis on sustainable profitability, capital efficiency and consistent value creation for shareholders.”

Key Financial Summary of Axis Max Life:

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 FY2025-26, Axis Max Life recorded a gross written premium of INR 38,877 crore.

IRDAI Registration. No – 104

Company Identification Number - U74899HR2000PLC143012

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