Max Financial Services Limited · NSE:MFSL
Max Financial Services — Q1 FY2027 Earnings Presentation
47 slides from Max Financial Services's earnings presentation, Aug 13, 2026
Slide 1: Exchange cover letter: Investor Release Q1FY27
August 13, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400 021 Mumbai – 400 051 Scrip Code: 500271 Symbol: MFSL Sub: Investor Release - Q1FY27 Dear Sir/Madam, Pursuant to Regulation 30 o
Slide 2: Max Financial Performance Update - Investor Release 3M FY'27
Max Financial Performance Update Investor Release 3M FY’27 August 13, 2026 ^Individual Death Claims Paid Ratio as per Annual Audited Financials for FY 25-26, Claims Paid Ratio rounded off to the nearest single decimal figure | **As per financials closed on 30th June 2026.
Slide 3: Section I: 3M FY'27 Key Highlights
SECTION I Max Financial Services and Axis Max Life Insurance 3M FY’27 Key Highlights
Slide 4: Key highlights of Max Financial Services and Axis Max Life for 3M FY'27
Key highlights of Max Financial Services and Axis Max Life Insurance for 3M FY’27 MFSL revenue* excluding investment income at Rs 7,289 cr, grows 18% in 3M FY’27. Consolidated Profit After Tax at Rs 118 cr Individual Adjusted first year Premium at Rs 1,810 cr grew by 17% vs Private industry grow
Slide 5: Axis Max Life Insurance's financial performance summary for 3M FY'27
Axis Max Life Insurance’s financial performance summary for 3M FY’27 Total APE1 Ind Adjusted FYP Gross Written Premium Renewal Premium Rs 1,922 cr 15% Rs 1,810 17% Rs 7,607 cr 19% Rs 4,639 cr 20% [Rs 1,668 cr] [Rs 1,553 cr] [Rs 6,397 cr] [Rs 3,873 cr] AUM Profit Before tax Net Worth Policyholder Ope
Slide 6: Section II: Axis Max Life Business Overview and Financial Update
SECTION II Axis Max Life Insurance- Business Overview and Financial Update
Slide 7: Key Highlights for Axis Max Life FY21-26 (1/2)
Key Highlights for Axis Max Life FY21-26 (1/2) 5-Yr CAGR of 15% on 1 Consistent Asset Under Management at Individual new business leadership2 vs INR ~1.9 lakh cr, CAGR position in of 16% over Consistent Growth 12% for Total life online protection insurance industry1 last 5 years & Savings 5-Yr APE C
Slide 8: Key Highlights for Axis Max Life FY21-26 (2/2)
Key Highlights for Axis Max Life FY21-26 (2/2) Experienced leadership1 Employee Great Places to Work with half of Accorded the Laureate4 Rank #28 in FY26 the leadership’s honor by Great Places to tenure with Axis Max Life Work of a decade or more Company NPS2 at Continued leadership for third time C
Slide 9: Industry leading growth in Q1 FY'27 from Proprietary & Partnership channels
Continue to post industry leading growth in Q1 FY’27 fueled by secular growth from Proprietary & Partnership channels Industry leading outcomes Secular Growth Segments of choice Q1 Individual Adjusted FYP Partnership APE Retail Protection3 & Health2 APE Rs Cr Q1 FY'26 Q1 FY'27 YOY Growth Q1 Market s
Slide 10: Growth driven by strong New Business & Renewal Business momentum
Axis Max life Growth driven by strong New Business & Renewal Business momentum New Business Premiums (on APE1 basis) Renewal Income – Delivering consistent growth Amount in INR cr Amount in INR cr 1,922 24,374 10,502 4,639 1,668 21,049 8,770 3,873 FY'25 FY'26 3M FY'26 3M FY'27 FY'25 FY'26 3M FY'26 3
Slide 11: Best in class outcomes consistent with strategy of VNB growth
Best in class outcomes consistent with strategy of VNB growth Product Mix: Driven by higher Protection and Annuity sales Line of Business# 3M FY’26 3M FY’27 Growth PAR Annuity NPAR Savings Protection & Health GROUP ULIP Par 213 315 48% Annuity 114 246 116% NPAR Savings 498 291 -41% 36% 33% 34% Prote
Slide 12: Efficient capital management with profitable growth
Efficient capital management with profitable growth PH Opex to GWP1,2 Solvency Ratio (Pre-dividend) 17.8% 16.0% 201% 194% 199% 198% 14.6% 13.6% 150% Solvency Limit FY'25 FY'26 3M FY'26 3M FY'27 FY'25 FY'26 3M FY'26 3M FY'27 Operating RoEV Underwriting Profits Amount in INR cr NB Strain Backbook Surp
Slide 13: Assets Under Management crossed Rs 2.0 Lakh crore
Axis Max Life has consistently grown its Asset Under Management1, crossed Rs 2.0 Lakh crore Assets Under Management - AMLI is the 4th largest2 manager of private LI Linked: Healthy mix of Debt and Equity AUMs Amount in INR 000’cr Linked Controlled Debt Equity 69% 71% 72% 75% 203 190 183 175 31% 29%
Slide 14: Axis Max Life recognized by Indian and foreign business bodies
Axis Max Life has been recognized by a number of Indian and foreign business bodies for its excellence in business, customer service and focus on people Business Excellence Leaders in Quality Focus on People Ranked #28 in this year’s Great Place to INR critics Special Mention Award for Best Wi
Slide 15: Section III: Axis Max Life Insurance Business Strategy
SECTION III Axis Max Life Insurance: Business Strategy
Slide 16: Strategic pillars and aspirations
Axis Max Life will continue to focus on its chosen strategic pillars with emphasis on long term imperatives A B C D Predictable & Sustainable Digital to Product innovation Customer centricity across the value Digitization for efficiency and growth drive margins chain intelligence Fastest growing p
Slide 17: Growth in both Proprietary and Bancassurance channels
A Axis Max Life has focused on ensuring growth in both its Proprietary and Bancassurance channels Channel Mix – Disproportionate focus towards growing proprietary channels Proprietary Channels (APE)* Proprietary Partnership Amount in INR cr 4,765 906 3,723 789 55% 53% 53% 58% FY'25 FY'26 3M FY'26 3M
Slide 18: Augmenting distribution capability with 10 new relationships
Axis Max Life has been augmenting its distribution capability by expanding both traditional and A emerging ecosystems with 10 new relationships in 3M FY’27 Ecosystems Key relations signed by Axis Max Life 17
Slide 19: Product mix in Proprietary and Partnership channels
A Product mix in Proprietary and Partnership channels aligned to customer needs Proprietary Channels Product mix Partnership Product Mix PAR Annuity NPAR Savings Protection & Health ULIP PAR Annuity NPAR Savings Protection & Health ULIP 37% 33% 33% 35% 41% 40% 40% 50% 16% 20% 20% 7% 8% 10% 24% 6% 21
Slide 20: Driving product innovation with first-in-industry propositions
Axis Max Life has been at the forefront of driving Products Innovation by creating first-in-industry B propositions Break the endowments category clutter with Industry Hedged Guarantees with Derivatives First Whole Life plan Launched industry First COVID-19 Rider (diagnosis & Provide liquidi
Slide 21: Accelerating product innovation through new customer segments
B Accelerating product innovation agenda through creating new customer segments USD denominated, unit linked plan High Sum Assured Multiple with market Flexibility to choose their first-year income engineered for cross-border wealth linked returns level Smart Global Investment Fostering Smart Value
Slide 22: Complete suite of products focused on longer term and protection
Axis Max Life has a complete suite of products and focus is on selling longer term products along with B improving penetration of pure protection & Health offerings Axis Max Life has products across all Average Policyholder Age Average Policy Term Average PPT Product Type (Years) (Years) (Years) cat
Slide 23: Understanding the customer to drive protection sales and risk management
B Focus is on understanding the customer to drive protection sales and its efficient risk management Awareness & Ownership Gap for Term Products1 Total Protection2 and Health APE Retail Protection2 and Health APE Amount in INR Cr Amount in INR Cr Awarness Ownership 2.0x 1.6x 26% 44% 70 74 522 314 47
Slide 24: Managing Other Major Risks
B Managing Other Major Risks Information Security and Interest Rate Risks Investment Risks Operational Risks Business Continuity Risks Robust Asset Liability Front Office – Led by CIO: Cyber DARE framework for Preventive Programs: Management Framework: Differential strategy as per the managing sec
Slide 25: Customer measures: persistency and claims paid ratio
Strong focus towards customer measures has helped deliver superior performance across health C parameters and will continue to remain an important priority Persistency# (Premium) Persistency#(NOP) 86% 83% 84% 83% 2M FY26 2M FY27 2M FY26 2M FY27 75% 74% 76% 75% 63% 67% 68% 69% 58% 59% 59% 62% 64% 61%
Slide 26: Transforming Insurance through Digital, AI and Platform-led Capabilities
D Transforming Insurance through Digital, AI and Platform-led Capabilities 1 2 3 4 Digital Commerce & Digitally Empowered Digital Ecosystem for Customer Insurance-in-a-Box Acquisition Distribution Wellness & Experience Creating seamless digital Equipping advisors with Scaling partnership-led Deliver
Slide 27: Scaling Ecommerce Sales leveraging Digital capabilities
D Scaling Ecommerce Sales leveraging Digital capabilities Holistic D2C ecosystem with advanced integrations and capabilities to improve proposition discovery and customer engagement – Creating both customer delight as well as a competitive advantage in D2C distribution Proposition and D2C Journey •
Slide 28: Unified platform to enable, empower and engage sellers
D Unified platform with comprehensive capabilities to enable, empower, and engage – Maximizing outcomes from every seller Sales and Governance Outcomes • Lead Management • Activity Management 36,000 • Cross Sell Monthly active users Customer Servicing • Personalized Engagement Customer Onboarding 50
Slide 29: Configurable ecosystem ready to deploy for any partnership
D Fully integrated, configurable & ready-to-deploy ecosystem for any partnership Retail Journey Configurability across customer touch Group Stack Transformation (Phygital to Fully points Digital) • Reusable APIs • Plug & Play APIs — Modular & Agile 01 02 • Reusable APIs • Plug & Play APIs — Modular
Slide 30: Empowering customers with DIY Servicing and Wellness
D Empowering customers with DIY Servicing and Wellness, while driving cross-sell through the Customer experience Platforms Outcomes DIY Servicing & Renewals Engagement 4 Lacs Monthly active users • Biometric login • Policy documents, Track Fund • Push notifications & Smart nudges Value • Voice Searc
Slide 31: Augmenting intelligence across the insurance value chain
D Augmenting ‘intelligence’ in existing assets and re-imagining core processes across the insurance value chain Sales Management Customer Management Recruitment Onboarding | Training Conversion| Governance Prospecting Underwriting Customer service AI recruitment AI Sales Co-pilot Cross-Sell Appointm
Slide 32: Agile, Scalable & Resilient technology platform
D Agile, Scalable & Resilient technology platform to digitally power AMLI Data & Analytics Compliance & Cloud Foundation Legacy Modernization AI & GenAI Platform Security 80% on hybrid, multi-cloud 1st organization in India & 30+ AI/ML models in Lakehouse architecture architecture 2nd in world to ha
Slide 33: Section IV: ESG
> SECTION IV > ESG a
Slide 34: Four pillars of our sustainability framework (1/3)
Four pillars of our sustainability framework (1/3) Investors Communities Regulators Distribution Partners Customers Employees 33
Slide 35: Four pillars of our sustainability framework (2/3)
Four pillars of our sustainability framework (2/3) Work Ethically & Sustainably Care for People Financial Responsibility Green Operations Corporate Governance Diversity & Inclusion Sustainable Investing Waste Management Ethics & Compliance Employee Development Product responsibility
Slide 36: Four pillars of our sustainability framework (3/3)
Four pillars of our sustainability framework (3/3) Work Ethically & Sustainably Care for People Financial Responsibility Green Operations Governance Diversity & Inclusion Gender diversity ratio improved by Committed to responsible Energy Management Diverse Board composition with optimum no. of Indep
Slide 37: Progress on key strategic shifts in our ESG journey
Progress made in our key strategic shifts identified in our ESG journey- as on 30th June 2026 Indicators Key Metric for ESG Indicators Key Targets Current Status Digital 95% of digital penetration by FY 2027 94.5% as of 30th June 2026 Digital penetration Operations (95% by 2026) (94.21% as of 31st M
Slide 38: Annexures
> > Annexures a
Slide 39: Expansion in case size and number of policies sold
Expansion in both case size and number of policies sold in 3M FY’27 Case Size (INR’000) NoP’s (000’s) Par Annuity NPAR Savings Protection & Health ULIP Par Annuity NPAR Savings Protection & Health ULIP 110 935 109 100 98 187 155 794 145 252 166 151 139 49 45 254 43 43 44 127 42 109 303 115 108 71 20
Slide 40: Sensitivity analysis as at 31st March 2026
Sensitivity analysis as at 31st March 2026 EV Value of new business New Business Margin Sensitivity Value (Rs Cr) % change VNB (Rs Cr) % change NBM % change Base Case 28,871 -- 2,647 -- 25.2% -- Lapse/Surrender - 10% increase 28,782 (0.3%) 2,529 (4.5%) 24.1% (1.1%) Lapse/Surrender - 10% decrease 28,
Slide 41: Definition of the EV and VNB
Definition of the EV and VNB Market consistent methodology The EV and VNB have been determined using a market consistent methodology which differs from the traditional EV approach in respect of the way in which allowance for the risks in the business is made. For the market consistent methodolog
Slide 42: Components of VIF (1/2) Present Value of Future Profits
Components of VIF (1/2) Present Value of Future Profits (PVFP) Best estimate cash flows are projected and discounted at risk free investment returns. PVFP for all lines of business except participating business is derived as the present value of post-tax shareholder profits from the in-force cov
Slide 43: Components of VIF (2/2)
Components of VIF (2/2) Time Value Of Options and Guarantees (TVFOG) The TVFOG for participating business is calculated using stochastic simulations which are based on 5,000 stochastic scenarios. Given that the shareholder payout is likely to be symmetrical for guaranteed non-participating produ
Slide 44: Key Assumptions for EV and VNB (1/2)
Key Assumptions for EV and VNB (1/2) Economic Assumptions The EV is calculated using risk free (government bond) spot rate yield curve taken from FBIL1 as at June 2026. The VNB is calculated using the beginning of respective quarter’s risk free yield curve (i.e. 31st March 2026). No allowance ha
Slide 45: Key Assumptions for EV and VNB (2/2)
Key Assumptions for EV and VNB (2/2) Expense and Inflation Maintenance expenses are based on the recent expense studies performed internally by the Company. The future CSR rate is derived after allowing for the exemption on dividend income and is applied to the post-tax, risk-adjusted profits em
Slide 46: Disclaimer
Disclaimer This Presentation (“document”) has been prepared by Max Financial Services Limited (the “Company”) solely for the announcement of the Company’s financial results (the “Presentation”). References to “document” in this disclaimer shall be construed to include any oral commentary, statements
Slide 47: Thank You
Thank You 46 ^Individual Death Claims Paid Ratio as per Annual Audited Financials for FY 25-26, Claims Paid Ratio rounded off to the nearest single decimal figure | **As per financials closed on 30th June 2026.
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