Max Financial Services Limited · NSE:MFSL
Max Financial Services — Investor Presentation (March 2026)
51 slides from Max Financial Services's investor presentation, Mar 18, 2026
Slide 1: Exchange filing cover letter – Investor Presentation
March 18, 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 Presentation Dear Sir/Madam, Pursuant to Regulation 30 of the
Slide 2: Axis Max Life Insurance Corporate Presentation
Axis Max Life Insurance Corporate Presentation 1.9 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025 | *As per public disclosure for 9M FY 2025 - 2026
Slide 3: Axis Max Life is a holistic life insurance franchise across India
Axis Max Life is a holistic life insurance franchise with a large customer and distribution presence across India Market Positioning Distribution footprint ~10% Private market share^ 585 Own Branch Units 12,200+ Partner Branches# #1 Claims Paid ratio in industry ~154K Agents #3 Individual Retail Sum
Slide 4: Key Highlights for FY20-25: Consistent Growth and Value Creation
Key Highlights for Axis Max Life FY20-25 5-Yr CAGR of 15% on 1 Consistent Asset Under Management at Individual new business leadership2 vs INR 1.7 lakh cr, CAGR position in of 21% over Consistent Growth 10% for Total life online protection insurance industry1 last 5 years & Savings 5-Yr APE CAGR of
Slide 5: Key Highlights for FY20-25: Customer, Employee, Brand
Key Highlights for Axis Max Life FY20-25 Great Places to Experienced leadership1 Employee with half of Accorded the Laureate4 Work rank #28 in FY24 the leadership’s honor by Great Places to Among the Top tenure with Axis Max Life Work in FY’24 25 in BFSI organisations of a decade or more Company NPS
Slide 6: Financial performance summary for 9M FY'26
Axis Max Life Insurance’s financial performance summary for 9M FY’26 Total APE1 Ind Adjusted FYP Gross Written Premium Renewal Premium Rs 69.08 21% Rs 63.96 20% Rs 251.95 18% Rs 155.51 cr 17% [Rs 57.31] [Rs 53.52 ] [Rs 213.60] [Rs 132.69 cr] AUM Profit Before tax Net Worth Policyholder Opex to GWP R
Slide 7: Section I: India Life Insurance Industry Overview
SECTION I India Life Insurance Industry Overview
Slide 8: Disciplined savings and growing consumption
Disciplined Savings & growing consumption: India continues to have high savings culture; higher savings proportion dedicated towards financial assets. Life Insurance among the preferred asset class Stock of Financial Savings2 in India – Life insurance a preferred asset class Savings rate consistent1
Slide 9: Improving affluence and household income increase
Improving affluence, Household income increase will continue providing impetus to the Life Insurance industry Number of households (Mn) in different income brackets Annual gross India is the fastest growing HH income1 FY 2019 Growth (FY '19-’24) FY 2030P major Economy and is FY 2024 Growth (FY ‘24
Slide 10: Significant opportunity for life insurance to grow in India
Significant opportunity for Life Insurance to grow in India on plank of ensuring disciplined savings over a long term India lags behind other developed countries on Life Insurance penetration Gap between other countries and India is significant for Life Insurance density Life Insurance Penetration L
Slide 11: Protection landscape: highest protection gap in Asia
Protection Landscape: India has the highest protection gap in Asia with low protection penetration levels; long term protection and health opportunity attractive Protection gap1 for India is significant Term Awareness at an all time high* 83% 6,360 Awareness % Ownership % 25 76% Cities* covered IP
Slide 12: Retirement landscape: rapid demographic and economic transition
Retirement Landscape: India undergoing a rapid demographic & economic transition – moving towards an aging society, majority of them facing the risk of living too long Rising Elderly Population1 Increased Life Expectancy at birth2 15 Cr. 18 Cr. 33 Cr. 78 10% 12% 19% 74 69 63 90% 88% 81% 2025 2030 20
Slide 13: Section II: Insurance - Business Overview
SECTION II Axis Max Life Insurance- Business Overview
Slide 14: Consistent growth since inception
Consistent growth since its inception, reporting y-o-y growth of 15% in Premium and 17% in Embedded value in last 10 years Market Share2 % 2.5% 3.4% 2.9% 3.4% 3.1% 3.2% 3.9% 4.8% 4.8% 5.0% 5.1% 5.6% 5.5% 6.4% 6.2% 5.8% 6.4% 6.9% Amounts in INR Bn CAGR since FY’15 First year Premium Embedded Value:
Slide 15: Strong performance across key revenue parameters
Axis Max Life has delivered strong performance across key revenue parameters New Business Premiums (on APE1 basis) Renewal Income – Delivering consistent growth Amount in INR Bn Amount in INR Bn 69.08 87.70 210.49 57.31 155.51 132.69 106.00 41.49 FY20 FY25 9M FY25 9M FY26 FY20 FY25 9M FY25 9M FY26 G
Slide 16: Value of new business growth supported by balanced product mix
Healthy growth in Value of new business growth supported by a balanced product mix strategy Product Mix : Focus on driving Balanced Product mix Line of Business# 9M FY’25 9M FY’26 Growth PAR Annuity NPAR Savings Protection & Health GROUP ULIP Par 7.88 10.55 34% Annuity 3.04 6.30 107% NPAR Savings 13
Slide 17: Efficient capital management with profitable growth (1/2)
Efficient capital management with profitable growth (1/2) Opex to GWP: Investing towards building distribution Solvency Ratio (Pre-dividend): 15.8% 14.5% 14.9% 207% 201% 201% 13.6% 196% 150% Solvency Limit FY'20 FY'25 9M FY25 9M FY26 FY'20 FY'25 9M FY25 9M FY26 Underwriting Profits Amount in INR Bn
Slide 18: Efficient capital management with profitable growth (2/2)
Efficient capital management with profitable growth (2/2) EV progression: Grew at a CAGR of~20% since FY’20 Operating RoEV Amount in INR Bn 22.1% 281.10 20.3% 20.2% 251.92 19.1% 16.9% 194.94 162.63 99.77 FY'20 FY'23 FY'24 FY'25 9M FY'26 FY’20 FY’23 FY’24 FY’25 9M FY’26 Embedded Value: grew by 5.7x s
Slide 19: More than 95% of debt investments in sovereign and AAA securities
Axis Max Life has consistently grown its Asset Under Management1, reached INR ~1.9 Trillion Assets Under Management - AMLI is the 4th largest2 manager of private LI Linked: Healthy mix of Debt and Equity AUM’s and largest Par fund2 Amount in INR Tn Debt Equity Linked Controlled 43% 69% 69% 74% 1.93
Slide 20: Leadership strength and vintage employee pool
Unwavering focus on leadership strength and has a vintage employee pool, both of which are critical for success in long term businesses such as Life Insurance Great Place to Work Survey - Axis Max Life improved its ranking in India's Best Workplaces. Employee Engagement^ - Consistently amongst top d
Slide 21: Executive Management Team
Executive Management Team has rich insurance experience and spent ~100 years at Axis Max Life combined Axis Max Life Management Team Sumit Madan Previous Organizations: IDFC First Bank, AU Small Finance Bank, Citibank India Managing Director & CEO Manu Lavanya Rahul Talwar Jose John Sachin Bajaj Sha
Slide 22: Section III: Insurance: Business Strategy
SECTION III Axis Max Life Insurance: Business Strategy
Slide 23: 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 24: Growth in proprietary and partnership channels (1/2)
A Axis Max Life has focused on ensuring growth in both its Proprietary and Partnership channels (1/2) 1 Offline Proprietary 2 3 Partnership Online Proprietary Rank #1 1,150+ 154K Overall online life insurance sales Partnerships Number of Agents2 and Online Protection & Savings (New Partnerships cont
Slide 25: Growth in proprietary and partnership channels (2/2)
A Axis Max Life has focused on ensuring growth in both its Proprietary and Partnership channels (2/2) Channel Mix (APE) – Disproportionate focus towards growing proprietary Proprietary Channels (APE)* channels Proprietary Partnerships Amount in INR Bn 37.23 32.96 25.46 12.82 52% 58% 56% 69% FY20 FY2
Slide 26: Proprietary channels resilient growth with bias to drive margins
A Proprietary (Offline + Online) channels resilient growth with bias to drive margins Proprietary Channels Product mix Offline Proprietary (APE) Par Annuity NPAR Savings Protection & Health ULIP Amount in INR Bn 26.37 22.62 26% 37% 33% 17.37 37% 11.76 17% FY’20 FY’25 9M FY’25 9M FY’26 16% 20% 17% 9%
Slide 27: Partnership remains a strong contributor
A Partnership remains a strong contributor Partnership Product Mix Axis Bank (APE) Amount in INR Bn PAR Annuity NPAR Savings Protection & Health ULIP 41.95 28.59 26.58 23.66 41% 47% 50% 52% FY’20 FY’25 9M FY’25 9M FY’26 8% 4% Other Partnerships (APE) 6% 6% Amount in INR Bn 24% 24% 7.54 23% 7.85 24%
Slide 28: Forefront of 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 Whole Hedged Guarantees with Derivatives Life plan Launched industry First COVID-19 Rider (diagnosis & Provide liquidity & flexibilit
Slide 29: Product suite at affordable premiums across life stages
B Axis Max Life offers product suite at affordable premiums to cater to all customer segments across various life-stage needs Young Adults / Married with newly Married with Life stages Single Married born kid/kids older Kid/ kids Retirement <25 years 25 to 35 years 30 to 40 years 40 to 55 years 45+
Slide 30: Complete suite of products, focus on longer term products
B Axis Max Life has a complete suite of products and focus is on selling longer term products Axis Max Life has products across all Average Policyholder Age Average Policy Term Average PPT Product Type (Years) (Years) (Years) categories Endowment 35 22 10 4 Protection plans 1 Health plan 6 Income pl
Slide 31: Long term protection opportunity and comprehensive health portfolio
Axis Max Life will continue to focus on long term protection opportunity and build a comprehensive B health portfolio; focus on risk-based, underwriting driven segmented offerings Retail Protection and Health APE1 Key focus areas to win in protection Amount in INR Bn 2.6x Underwriting: Augmented S
Slide 32: Customer-centric initiatives
C Axis Max Life has launched several customer-centric initiatives Key customer centric initiatives 2001 2012 2016 2020 2023 2024 Introduced Flexible Launched Service Launched Launched ‘Buy Launched Whats app Cash bonus promise & Claims now, Pay later’ and service bot. Enables us to Launched ‘peer to
Slide 33: Our Digital Strategy is Based on 6 Key Pillars
D Our Digital Strategy is Based on 6 Key Pillars Scale Frictionless Digital Sales – Digital Customer E-Commerce Onboarding/ Bancassurance & Service Business Issuance Partnerships of future 1 2 3 4 Pervasive Intelligence (AI/ML & Analytics embedded in all key processes) 5 Agile, Scalable, Resilient T
Slide 34: 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 35: 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 More than 25% Clear Cases in • Lead Management Term policies • Activity Management • Cross Sell Customer Servicing >45% policies issued without • Personalize
Slide 36: 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 37: Empowering customers with DIY servicing and wellness
D Empowering customers with DIY Servicing and Wellness, while driving cross-sell through the Customer experience Platforms Online payment success rate DIY Servicing & Renewals Engagement (across all digital assets) 76% with 70% UPI contribution for • Biometric login renewal payments • Policy documen
Slide 38: Augmenting intelligence with AI embedded products
D Augmenting ‘intelligence’ in existing assets and re-imagining core processes aided by new AI embedded products Enabling Sales Intelligence Intelligent Onboarding Strengthening Risk & Governance Enhancing CX across value chain Intelligence for Self-Pay, Guided BoT 70L+ LI Offers generated for Bank
Slide 39: Agile, scalable and resilient technology platform
D Agile, Scalable & Resilient technology platform to digitally power AMLI Data & Analytics Platform Compliance & Security Cloud Foundation Legacy Modernization 80% on hybrid, multi-cloud architecture 1st organization in India & Lakehouse architecture providing ~100% Resiliency 2nd in world to have S
Slide 40: Section IV: ESG
> SECTION IV > ESG a
Slide 41: Four pillars of our sustainability framework (1/2)
Four pillars of our sustainability framework (1/2) Investors Communities Regulators Distribution Partners Customers Employees 40
Slide 42: 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% as of investments • Energ
Slide 43: Progress made in key strategic shifts in ESG journey
Progress made in our key strategic shifts identified in our ESG journey- as on 31st Dec 2025 Indicators Key Metric for ESG Indicators Key Targets Current Status Digital Digital penetration 95% of digital penetration by FY 2026 92.08% as of 31st Dec 2025 Operations Diversity & Achieve 30% gender dive
Slide 44: Annexures
> a Annexures a
Slide 45: Road map to becoming India's most admired life insurance company
Axis Max Life Insurance’s road map to becoming India’s most admired life insurance company To be the most admired life insurance company by securing the financial future Vision of our customers Inspire People to increase the Value of their Life Purpose “I am the Difference” Quality of Advice Value D
Slide 46: Life insurance industry cycles since 2001
Life insurance industry has seen multiple cycles since 2001. Structural changes in the economy have resulted in positive flow towards financial assets aiding the insurance industry Phase 4 –Regulatory Phase 1 – Joyful Entry & Industry Expansion Phase 2 – Discovering New Normal Phase 3 – Reinvigorati
Slide 47: Corporate Structure and marquee investors
Corporate Structure Axis Max Life Insurance (AMLI) is a Joint venture between Max Financial Services and Axis Bank Share in AMLI: 80.98% Share in AMLI: 19.08% Shareholding pattern of MFSL2 9% 1% 23% 3rd Largest Private Bank in India1 46% ~54 million Customer base of Axis Bank1 22% DII MSI FPI Promot
Slide 48: Axis Max Life Board of Directors
Axis Max Life has a highly experienced and versatile Board of Directors providing strong and secure foundation Axis Bank Independent & Others Non-executive Director, Executive Director – Banking Operations & Joined AMLI as CDO and transitioned to the role of Managing Director Chairman Designate Tran
Slide 49: Max Financial Services Limited Board of Directors
Max Financial Services Limited – Highly experienced and versatile Board of Directors providing strong and secure foundation Independent Director Currently the Chairman of Rothschild and Co, Chairman and Founder Founder and Chairman of Max Group. Awarded Max Financial Services Limited Mr. Analjit Sin
Slide 50: 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 51: Thank You
Thank You 1.9 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025 | *As per public disclosure for 9M FY 2025 - 2026
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