Max Financial Services Limited · NSE:MFSL
Max Financial Services — FY2026 Earnings Presentation
25 slides from Max Financial Services's earnings presentation, May 12, 2026
Slide 1: Exchange filing cover letter - Investor Release 12M FY26
May 12, 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 - 12M FY26 Dear Sir/Madam, Pursuant to Regulation 30 of
Slide 2: Max Financial Performance Update - Investor Release 12M FY'26
Max Financial Performance Update Investor Release 12M FY’26 May 12, 2026 1.9 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025 | *As on 31st March, 2026
Slide 3: Section I: FY'26 Key Highlights
SECTION I Max Financial Services and Axis Max Life Insurance FY’26 Key Highlights
Slide 4: Key highlights of Max Financial Services and Axis Max Life Insurance for FY'26
Key highlights of Max Financial Services and Axis Max Life Insurance for FY’26 ▪ MFSL revenue* excluding investment income at Rs 38,039 cr, grows 17% in FY’26. Consolidated Profit After Tax at Rs 106 cr. Revenue ▪ Individual Adjusted first year Premium is at Rs 9,885 cr grew by 19% on YoY basis, ahe
Slide 5: Axis Max Life Insurance's financial performance summary for FY'26
Axis Max Life Insurance’s financial performance summary for FY’26 Total APE1 Individual Adjusted FYP Gross Written Premium Renewal Premium Rs 10,502 cr 20% Rs 9,885 cr 19% Rs 38,877 cr 17% Rs 24,374 cr 16% [Rs 8,770 cr] [Rs 8,329 cr] [Rs 33,223 cr] [Rs 21,049 cr] AUM Profit Before tax Net Worth Poli
Slide 6: Section II: Insurance - Business Overview and Financial Update
SECTION II Axis Max Life Insurance- Business Overview and Financial Update
Slide 7: Axis Max Life has delivered strong performance on new business
Axis Max Life has delivered strong performance on new business New Business Premiums (on APE1 basis) Renewal Income – Amount in INR cr Amount in INR cr 10,502 24,374 8,770 21,049 7,433 18,506 FY'24 FY'25 FY'26 FY'24 FY'25 FY'26 Gross Written Premium – 17% growth in FY’26 Individual Sum Assured of Ne
Slide 8: Outcomes consistent with strategy of VNB growth
Outcomes consistent with strategy of VNB growth Product Mix: Driven by balanced product mix strategy Line of Business# FY’25 FY’26 Growth PAR Annuity NPAR Savings Protection & Health Group ULIP Par 1,358 1,777 31% Annuity 492 1,050 113% NPAR Savings 2,076 2,256 9% 35% 36% Protection & Health2 896 1,
Slide 9: Efficient capital management with profitable growth
Efficient capital management with profitable growth Policyholder Opex to GWP Solvency Ratio (Pre-dividend) 201% 194% 13.8% 14.6% 172% 13.6% 150% Solvency Limit FY'24 FY'25 FY'26 FY'24 FY'25 FY'26 Underwriting Profits Amount in INR cr NB Strain Backbook Surplus SH Surplus 2,718 2,076 447 635 -2,117 -
Slide 10: EV movement analysis: March 2025 to March 2026
EV movement analysis: March 2025 to March 2026 2,053 20 29,180 28,871 2,647 -714 -17 -310 25,192 Operating RoEV: 18.7% VIF VIF VIF 22,853 22,852 19,019 NAV NAV NAV 6,173 6,328 6,071 Opening EV Value of Unwind Operating Non-Operating Dividend Paid Closing EV GST & Labor Closing EV New Business Varian
Slide 11: More than 95% of debt investments is in sovereign papers and AAA rated securities
Axis Max Life has consistently grown its Asset Under Management1, reached INR ~1.9 Lakh crore Assets Under Management Linked: Healthy mix of Debt and Equity Amount in INR thousand cr Debt Equity Linked Controlled 190 66% 69% 71% 175 151 34% 31% 29% FY'24 FY'25 FY'26 142 Traditional: Consistent mix o
Slide 12: Section III: Insurance: Strategic Areas
SECTION III Axis Max Life Insurance: Strategic Areas
Slide 13: Growth in both Proprietary and Bancassurance channels
Axis Max Life has focused on ensuring growth in both its Proprietary and Bancassurance channels Channel Mix (APE) – Disproportionate focus towards growing proprietary Proprietary Channels (APE)* channels Proprietary Partnership Amount in INR cr 4,765 3,723 2,957 58% 55% 60% FY'24 FY'25 FY'26 Partner
Slide 14: Proprietary (Offline + Online) channels growth with bias to drive margins
Proprietary (Offline + Online) channels growth with bias to drive margins Proprietary Channels Product mix Offline Proprietary Par Annuity NPAR Savings Protection & Health ULIP Amount in INR cr 3,329 2,637 2,267 28% 37% 33% 17% FY'24 FY'25 FY'26 16% 20% Online Proprietary Amount in INR cr 27% 23% 1,
Slide 15: Bancassurance partners continue to contribute
Bancassurance partners continue to contribute Partnership Product Mix Axis Bank Amount in INR cr PAR Annuity NPAR Savings Protection & Health ULIP 4,481 4,143 3,763 42% 41% 50% FY'24 FY'25 FY'26 4% 8% Other Partnerships 6% Amount in INR cr 21% 32% 23% 1,107 12% 4% 6% 785 19% 16% 18% 601 FY’24 FY’25
Slide 16: 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 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) categ
Slide 17: Protection and Retirement remains a key focus area
Protection and Retirement remains a key focus area for Axis Max life due to the long-term structural opportunity within the segment Total Protection3 and Health APE Retail Protection2 and Health APE Annuity APE Amount in INR Cr Amount in INR Cr Amount in INR Cr 2.1x 2.3x 1.8x 53% 40% 113% 1,373 1,88
Slide 18: Customer measures: persistency and claims paid ratio
Focus towards customer measures has helped deliver performance across health parameters and will continue to remain a priority Persistency# (Premium) Persistency#(NOP) 87% 85% 85% 84% 11M FY25 11M FY26 11M FY25 11M FY26 74% 77% 76% 76% 63% 65% 68% 69% 57% 59% 58% 60% 64% 58% 53% 52% 13th Month 25th
Slide 19: Section IV: ESG
> SECTION IV > ESG a
Slide 20: Four pillars of our sustainability framework (1/2)
Four pillars of our sustainability framework (1/2) 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 19
Slide 21: Four pillars of our sustainability framework (2/2)
Four pillars of our sustainability framework (2/2) Work Ethically & Sustainably Care for People Financial Responsibility Green Operations Governance Diversity & Inclusion Committed to responsible Energy Management Diverse Board composition with Gender diversity ratio: 29.3% optimum no. of Independen
Slide 22: Annexures
> _¢ Annexures a
Slide 23: 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 24: Disclaimer
Disclaimer This Presentation does not constitute a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement, an offer document or an offering memorandum, disclosure document or private placement offer letter under the Companies Act, 2013, the Securities and Exchange Bo
Slide 25: Thank You
Thank You 1.9 24 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025 | *As on 31 March, 2026
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