Max Financial Services reports strong H1 FY'26 performance, subsidiary gains market share

Max Financial Services Limited (MFSL) announced an 18% year-on-year (YoY) increase in consolidated revenue, excluding investment income, reaching INR 15,090 crores for H1 FY'26. The consolidated revenue including investment income stood at INR 22,624 crores, with a consolidated PAT of INR 92 crores. MFSL also reported an Embedded Value of INR 26,895 crores, up 15% YoY, and an Operating RoEV of 16.3%. The company successfully raised INR 800 Cr in Sub-debt, enhancing its solvency ratio to 208% as of September 2025.

Axis Max Life Insurance Limited, a subsidiary of MFSL, outperformed the private life insurance industry with an 18% growth in Individual Adjusted First Year Premium, totaling INR 3,891 crores. This led to a private market share gain of 83 basis points (bps), reaching 10.1% in H1 FY'26. The company’s Value of New Business (VNB) grew by 27% YoY to INR 974 crores, with New Business Margins improving by 210 bps to 23.3%. Gross Written Premium also increased by 18% YoY to INR 15,490 crores.

The company's digital strategy and customer-centric initiatives continue to drive performance. Axis Max Life has onboarded 31 new partners in H1 FY'26, comprising 15 Group partners and 16 Retail partners, contributing 5% of Individual APE with an 87% YoY growth. The company maintained leadership in online protection and savings and improved its overall NPS to 57 in H1 FY'26.