Max Financial Services Limited has reported consolidated revenue excluding investment income of Rs 7,289 crore in 3M FY27, registering 18 per cent year-on-year growth. Consolidated revenue including investment income stood at Rs 14,977 crore, while consolidated Profit After Tax increased 37 per cent to Rs 118 crore.
Axis Max Life Insurance Limited reported Individual Adjusted First Year Premium of Rs 1,810 crore during 3M FY27, up 17 per cent year-on-year. The growth resulted in a 13 basis points increase in private market share to 10.1 per cent.
Total Annualized Premium Equivalent grew 15 per cent during the quarter. The proprietary channel recorded 15 per cent growth, supported by 27 per cent growth in the online channel. Partnership channels grew 16 per cent, with the Axis channel increasing 14 per cent and other partnerships growing 21 per cent.
Axis Max Life also reported 57 per cent growth in its Group Credit Life segment. The company said 45 per cent of its Group Credit Life business was sourced from partners added over the last three years.
The company’s Protection and Health business grew 44 per cent, driven by 57 per cent growth in riders. Its Annuity business recorded 116 per cent growth during the quarter.
Profitability also improved during the period. New business margin increased to 23.2 per cent from 20.1 per cent in the corresponding period last year. Value of New Business rose 33 per cent year-on-year to Rs 446 crore.
Individual renewal premium increased 20 per cent to Rs 4,639 crore, taking Gross Written Premium to Rs 7,607 crore, up 19 per cent year-on-year.
Individual New Business Sum Assured grew 32 per cent, while the number of policies increased 12 per cent to 187,000. Assets Under Management crossed Rs 2 lakh crore, reaching Rs 2,02,621 crore, an 11 per cent year-on-year increase.
Embedded Value stood at Rs 30,415 crore, up 15 per cent, while Operating Return on Embedded Value improved to 14.9 per cent from 14.3 per cent. Solvency stood at 198 per cent.
Sumit Madan, Managing Director and CEO, Axis Max Life, said the company began FY27 with strong momentum, with Individual Adjusted First Year Premium growth of 17 per cent in the first quarter and private market share improving to 10.1 per cent.
Madan highlighted broad-based growth across proprietary and partnership channels, along with the company’s focus on protection, health and annuity segments. He also said Axis Max Life is accelerating its digital and technology transformation, with AI, analytics and automation being embedded across customer acquisition, distribution, underwriting and servicing.
Amrit Singh, Chief Financial Officer, Axis Max Life, said the quarter reflected continued focus on quality growth and disciplined capital management. He highlighted the 315 basis points improvement in New Business Margin to 23.2 per cent and the 33 per cent growth in Value of New Business to Rs 446 crore.
Singh also pointed to the 20 per cent growth in renewal premiums, 19 per cent increase in Gross Written Premium, 15 per cent growth in Embedded Value and Operating RoEV of 14.9 per cent as indicators of the company’s focus on sustainable profitability and capital efficiency.
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