Max Financial Services Limited (MFSL) reported an 18 per cent year-on-year growth in consolidated revenue (excluding investment income) at Rs 24,625 crore for the first nine months of FY26, reflecting sustained momentum across its life insurance business.
Consolidated revenue including investment income stood at Rs 36,891 crore, while profit after tax came in at Rs 137 crore for the period.
Axis Max Life Insurance, the company’s life insurance arm, continued to outperform the private industry with strong new business growth and improved profitability metrics. The insurer posted a 20 per cent year-on-year rise in Individual Adjusted First Year Premium (FYP) at Rs 6,396 crore during 9M FY26, resulting in a private market share gain of 53 basis points to 9.8 per cent. Total Annualized Premium Equivalent (APE) grew 21 per cent year-on-year.
Gross Written Premium increased 18 per cent to Rs 25,195 crore, supported by a 17 per cent growth in renewal premium at Rs 15,551 crore. The company also reported a 41 per cent surge in Individual New Business Sum Assured, reflecting strong traction in protection offerings.
Profitability metrics strengthened significantly during the period. Value of New Business (VNB) rose 30 per cent year-on-year to Rs 1,633 crore, aided by an improved product mix. New business margins expanded to 23.6 per cent, compared to 21.9 per cent in the corresponding period last year. Embedded Value increased 16 per cent to Rs 28,110 crore, while operating Return on Embedded Value (RoEV) stood at 16.9 per cent. Assets Under Management grew 12 per cent to Rs 1.93 lakh crore.
Axis Max Life’s growth was driven by expansion across proprietary distribution channels and strategic partnerships. During the fiscal, the company secured 51 new business partnerships, including 24 group and 27 retail alliances. The insurer maintained leadership in retail protection sales and continued to lead the online protection and savings segments.
Sumit Madan, Managing Director and CEO, Axis Max Life, said the company’s performance reflects disciplined execution of a clearly defined growth strategy. He highlighted that the company emerged as one of the fastest-growing players among the top ten private life insurers, supported by strong gains in Individual Adjusted FYP and VNB. He added that digital innovation and customer experience remain central to the company’s long-term growth strategy.
Max Financial Services holds an approximately 81 per cent majority stake in Axis Max Life and continues to focus on strengthening its life insurance franchise as a core growth driver.
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