Max Financial Services Limited · NSE:MFSL
Max Financial Services — H1 FY2027 Earnings Presentation
48 slides from Max Financial Services's earnings presentation, Oct 27, 2026
Slide 1: Exchange filing cover letter for Investor Release H1FY27
October 27, 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 - H1FY27 Dear Sir/Madam, Pursuant to Regulation 30
Slide 2: Max Financial Performance Update - Investor Release H1 FY'27
Max Financial Performance Update Investor Release H1 FY’27 October 27, 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: H1 FY'27 Key Highlights
SECTION I Max Financial Services and Axis Max Life Insurance H1 FY’27 Key Highlights
Slide 4: Key highlights of Max Financial Services and Axis Max Life for H1 FY'27
Key highlights of Max Financial Services and Axis Max Life Insurance for H1 FY’27 ▪ MFSL revenue1 excluding investment income at Rs 17,484 cr, grows 16% in H1 FY’27. Consolidated Profit After Tax at Rs 219 cr up 137% ▪ Individual Adj FYP at Rs 4,368 cr grew by 12% and 3 year CAGR of 20% Revenue ▪ To
Slide 5: Axis Max Life Insurance's financial performance summary for H1 FY'27
Axis Max Life Insurance’s financial performance summary for H1 FY’27 Total APE1 Ind Adjusted FYP Gross Written Premium Renewal Premium 11% 18% Rs 4,638 cr Rs 4,368 12% Rs 18,066 cr 17% Rs 11,247 cr [Rs 4,175 cr] [Rs 3,891 cr] [Rs 15,490 cr] [Rs 9,503 cr] AUM Profit Before tax Net Worth Policyholder
Slide 6: Section II: Axis Max Life Insurance - 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 vs INR ~1.9 lakh cr, CAGR leadership2 position in Consistent Growth 12% for Total life of 16% over insurance industry1 last 5 years Online Business 5-Yr APE CAGR of 5-Yr
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: Sustained strong Q2 growth across channels over the last three years
Sustained strong Q2 growth across channels over the last three years Industry leading outcomes Secular Growth Segments of choice Individual Adjusted FYP Partnership APE growth Pure Protection3 Q2 YoY growth% Q2 3Y CAGR Q2 Market share1 10.1% Q2 YoY growth % Q2 3Y CAGR Up 122 bps since Q2 FY’24 31% 2
Slide 10: Growth driven by strong New Business and 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 4,638 24,374 11,247 10,502 4,175 21,049 8,770 9,503 FY'25 FY'26 H1 FY26 H1 FY27 FY'25 FY'26 H1 FY26 H1
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# H1 FY’26 H1 FY’27 Growth Par 532 707 33% PAR Annuity NPAR Savings Protection & Health GROUP ULIP Annuity 343 772 125% NPAR Savings 1,165 683 -41% Protection2 & H
Slide 12: Efficient capital management with profitable growth
Efficient capital management with profitable growth PH Opex to GWP1: Excluding GST Opex ratio improved by 290 bps to 11.7% in H1 FY’27 from 14.6% in H1 FY’26 Solvency Ratio (Pre-dividend) 15.5% 208% 14.6% 201% 197% 13.6% 13.7% 194% 150% Solvency Limit FY'25 FY'26 H1 FY26 H1 FY27 FY'25 FY'26 H1 FY26
Slide 13: EV movement analysis: March 2026 to September 2026
EV movement analysis: March 2026 to September 2026 1,217 5 -216 31,057 381 31,437 1,180 28,870 Operating RoEV: 17.3% VIF, VIF, VIF, 24,869 24,869 22,853 NAV, NAV, NAV, 6,017 6,188 6,568 Opening EV Value of New Business Unwind Operating Variance Non-Operating Variance Closing EV (Before Capital Capit
Slide 14: More than 95% of debt investments are in sovereign papers and AAA rated securities
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% 73% 75% 206 190 185 175 31% 29%
Slide 15: 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 ▪ ‘Best Data Privacy and Protection Program’ ▪ Ranked #28 in this year’s Great Place to ▪ Cl
Slide 16: Section III: Axis Max Life Insurance: Business Strategy
SECTION III Axis Max Life Insurance: Business Strategy
Slide 17: Aspirations across strategic pillars
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 18: 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 2,171 3,723 1,947 55% 53% 53% 58% FY'25 FY'26 H1 FY26
Slide 19: Expanding traditional and emerging ecosystems with 15 new relationships
Axis Max Life has been augmenting its distribution capability by expanding both traditional and A emerging ecosystems with 15 new relationships in H1 FY’27 Ecosystems Key relations signed by Axis Max Life 18
Slide 20: 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 33% 32% 35% 37% 39% 41% 42% 50% 20% 19% 9% 16% 22% 8% 7% 6% 15%
Slide 21: First-in-industry product 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 First ▪ Hedged Guarantees with Derivatives Whole Life plan ▪ Launched industry First COVID-19 Rider (diagnosis & death ▪ Provide l
Slide 22: Accelerating product innovation through new customer segments
B Accelerating product innovation agenda through creating new customer segments High Sum Assured Multiple with market 8 Flexible Protection Variants for every life USD denominated, unit linked plan linked returns stage engineered for cross-border wealth Smart Retirement Income with Axis Max Life Sma
Slide 23: Complete suite of products with focus on longer term products
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 24: 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 1.7x 1.6x 20% 27% 70 74 1,042 685
Slide 25: 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 26: 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) 85% 83% 5M FY26 5M FY27 76% 73% 83% 83% 5M FY26 5M FY27 68% 76% 74% 63% 68% 69% 58% 59% 54% 59% 62% 65%
Slide 27: 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 28: 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 29: 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 42,000 • Cross Sell Monthly active users Customer Servicing • Personalized Engagement Customer Onboarding 50
Slide 30: Configurable ecosystem 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 01 02 • Reusable APIs • Plug & Play APIs — Modular & Agile • Plug & Play APIs — Modular
Slide 31: 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 • Biometric login 4.5 Lacs • Policy documents, Track Fund • Push notifications & Smart nudges Monthly active users Value • Voice Sea
Slide 32: 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 Conversion| Performance Recruitment Prospecting Underwriting Customer service Management Smart Advisor Prospecting & Recruitment Lead AI Sales Co-pilot
Slide 33: Agile, Scalable and 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 34: Section IV: ESG
> SECTION IV > ESG a
Slide 35: Four pillars of our sustainability framework (1/3)
Four pillars of our sustainability framework (1/3) Investors Communities ly Ca eopl ab SustWork P re e ain for Regulators resp ESG Distribution Partners io n s Finaonsib p e ee n ra t nci ilit Gr al y O Customers Employees 34
Slide 36: 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 37: 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: Committed to responsible Energy Management Diverse Board composition with optimum no. of Independent 30.3
Slide 38: Progress made in key strategic shifts in ESG journey
Progress made in our key strategic shifts identified in our ESG journey- as on 30th Sept 2026 Indicators Key Metric for ESG Indicators Key Targets Current Status Digital 89.93% as of 30th Sept 2026 Digital penetration 92.5% of digital penetration by FY 2027 Operations (94.5% as of 30th June 2026 ) D
Slide 39: Annexures
> _¢ Annexures a
Slide 40: Expansion in case size and number of policies sold in H1 FY'27
Expansion in both case size and number of policies sold in H1 FY’27 Case Size (INR’000) NoP’s (000’s) Par Annuity NPAR Savings Protection & Health ULIP Par Annuity NPAR Savings Protection & Health ULIP 110 107 935 109 105 155 425 794 149 150 252 391 151 45 113 44 45 254 103 43 127 114 112 303 115 12
Slide 41: Sensitivity analysis as at 30th September 2026
Sensitivity analysis as at 30th September 2026 EV Value of new business New Business Margin Sensitivity Value (Rs Cr) % change VNB (Rs Cr) % change NBM % change Base Case 31,437 -- 1,180 -- 25.4% -- Lapse/Surrender - 10% increase 31,374 (0.2%) 1,127 (4.5%) 24.3% (1.1%) Lapse/Surrender - 10% decrease
Slide 42: 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 43: Components of VIF (1/2)
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 44: 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 45: 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 September 2026. The VNB is calculated using the beginning of respective quarter’s risk free yield curve (i.e. 31st March 2026 and 30th June
Slide 46: 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 pre-tax, risk-adjusted profits eme
Slide 47: 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 48: Thank You
Thank You 47 ^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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