- Max Financial Services Limited reports 16% growth in consolidated revenue excluding investment income
- Axis Max Life Insurance Limited’s private market share at 10.1% in H1 FY’27
- Individual Adjusted First Year Premium at ₹4,368 crores, grew by 12%
- VNB (measure of profitability) at ₹1,180 crores with a YoY growth of 21.1%
- New business margin improved by 210 bps to 25.4% in H1 FY’27 and by 150 bps to 27.0% in Q2 FY’27
- Embedded Value at ₹31,437 crores, grows by 17% with an Operating RoEV of 17.3%
- Gross Written Premium: ₹ 18,066 crores, up 17% Year-on-Year (YoY)
- Individual New Business Sum Assured grew by 18%
- Assets Under Management (AUM) at ₹2.06 lakh crores, as of September 30, 2026; up by 11%
Noida, October 30, 2026: Max Financial Services Limited has recorded consolidated revenue excluding investment income at ₹17,484 crores that grew by 16% YoY in H1 FY’27. The consolidated revenue including investment income stood at ₹26,582 crores up by 17%, while consolidated PAT stood at ₹219 crores in H1 FY’27 up by 137%.
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited (“Axis Max Life” / “Company”), has announced new business growth (Individual Adjusted First Year Premium) of 12% to ₹4,368 crores with a private market share at 10.1%. The Value of New Business (VNB) for H1 FY’27 increased by 21% YoY to ₹1,180 crores, while the VNB margin expanded by 210 basis points to 25.4%, supported by continued momentum in the protection and retirement segments.
The Company strengthened its leadership position in protection, with the pure retail protection business growing 37% YoY, driven by sustained customer demand and disciplined execution. Retirement continues to represent a significant long-term growth opportunity for Axis Max Life. During Q2 FY’27, the Company launched Smart Retirement Income with Sustained Earnings Plan (SMART RISE) (UIN: 104N160V01), an innovative solution combining flexible lifelong income with a market linked variable annuity option. Supported by strong customer acceptance, the Company’s annuity business grew 130% YoY in Q2 FY’27.
Axis Max Life also delivered robust renewal performance, with renewal premium growing 18% YoY to ₹11,247 crores in H1 FY’27. Consequently, Gross Written Premium increased 17% to ₹18,066 crores, reflecting the strength of the Company’s franchise and customer engagement.
Sumit Madan, Managing Director and CEO, Axis Max Life , said, “Our H1 FY’27 performance reflects the strength of our distribution franchise, disciplined execution, and continued focus on delivering sustainable, customer-centric growth. We welcome IRDAI’s efforts to evolve the distribution framework in a manner that balances customer interests with industry growth objectives. The proposed emphasis on simpler distribution economics, stronger persistency outcomes, better alignment of commissions and expenses, and enhanced policyholder protection is a step in the right direction. We believe a balanced and consultative approach will further strengthen trust in the insurance ecosystem, support innovation and accessibility, and accelerate the sector’s long-term growth.”
Amrit Singh, Chief Financial Officer, Axis Max Life, said, “We delivered a strong performance in the first half of the fiscal, with Individual Adjusted First Year Premium growing by 12%. Our renewal premium rose 18%, driving 17% growth in Gross Written Premium. An improved product mix lifted the VNB Margin to 25.4% and supported 21% growth in Value of New Business.Our Embedded Value as of Sep 30, 2026 stood at ₹31,437 crores, growth of 17% YoY. Annualized operating RoEV improved by 100 bps to 17.3% in H1 FY27, reflecting our continued focus on delivering profitable and sustainable growth.”
Key Financial Summary of Axis Max Life:
|
₹ Crores
|
H1 FY’27
|
H1 FY'26
|
YoY
|
|
Financial performance Summary
|
|
Individual Adjusted FYP
|
4,368
|
3,891
|
12%
|
|
Total APE
|
4,638
|
4,175
|
11%
|
|
Renewal Premium
|
11,247
|
9,503
|
18%
|
|
Gross Written Premium
|
18,066
|
15,490
|
17%
|
|
Number of Policies (000's)
|
425
|
391
|
9%
|
|
PH Opex to GWP ratio (Including GST)
|
13.7%
|
15.5%
|
-174 bps
|
|
PH Opex to GWP ratio (Excluding GST)
|
11.7%
|
14.6%
|
-290 bps
|
|
PH Cost to GWP ratio (Excluding GST)
|
22.5%
|
25.4%
|
-290 bps
|
|
Individual New business Sum Assured
|
2,55,308
|
2,15,763
|
18%
|
|
Assets Under Management
|
2,05,657
|
1,85,336
|
11%
|
|
Embedded Value
|
31,437
|
26,895
|
17%
|
|
RoEV
|
17.3%
|
16.3%
|
100 bps
|
|
New Business Margins
|
25.4%
|
23.3%
|
210 bps
|
|
Value of new business
|
1,180
|
974
|
21%
|
|
Solvency
|
197%
|
208%
|
|
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 ~80% majority stake in Axis Max Life.
Company Information (Identification) 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 crores.
IRDAI Registration. No – 104
Company Identification Number - U74899HR2000PLC143012
Disclaimer
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