Slide 1: Investor Release cover letter to stock exchanges
May 13, 2025 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 Scrip Code: MFSL Sub: Investor Release– Q4 FY 25 Pursuant to Regulation 30 of SEBI (Listin
Slide 2: Max Financial Performance Update
Max Financial Performance Update Investor Release 12M FY’25 May 13, 2025 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2023-2024 | *As per public disclosure for H1 FY 2024 - 2025
Slide 3: Section I: FY'25 Key Highlights
SECTION I Max Financial Services and Axis Max Life Insurance FY’25 Key Highlights
Slide 4: Key highlights of Max Financial Services and Axis Max Life Insurance for FY'25
Key highlights of Max Financial Services and Axis Max Life Insurance for FY’25 ▪ MFSL revenue* excluding investment income at Rs 32,620 cr, grows 12% in FY’25. Consolidated Profit After Tax at Rs 403 cr. ▪ Individual Adjusted first year Premium is at Rs 8,329 cr grew by 20% vs Private industry growt
Slide 5: Axis Max Life Insurance's financial performance summary for FY'25
Axis Max Life Insurance’s financial performance summary for FY’25 Total APE1 Ind Adjusted FYP Gross Written Premium Renewal Premium Rs 8,770 cr 18% Rs 8,329 20% Rs 33,223 cr 13% Rs 21,049 cr 14% [Rs 7,433 cr] [Rs 6,961 cr] [Rs 29,529 cr] [Rs 18,506 cr] AUM Profit Before tax Net Worth Policyholder Ex
Slide 6: Fastest growing life insurance company, rank 3 in H2 FY25
Fastest growing1 life insurance company in last 2 years and secured rank 3 in H2 FY25 YOY growth - Ind Adjusted First year Premium Pvt Market Share2 9.4% 8.8% 9.3% 9.3% 9.8% YoY improvement in Market share +61 bps +22 bps +51 bps +41 bps +37 bps 31% 27% 25% 24% 24% 21% 20% 19% 20% 16% 15% 14% 10% 8%
Slide 7: Section II: Axis Max Life Insurance - Business Overview and Financial Update
SECTION II Axis Max Life Insurance- Business Overview and Financial Update
Slide 8: Key Highlights for Axis Max Life FY20-25 (1/2)
Key Highlights for Axis Max Life FY20-25 (1/2) 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 Consistent Growth 10% for Total life of 21% over online protection insurance industry1 last 5 years & Savings 5-Yr APE CA
Slide 9: Key Highlights for Axis Max Life FY20-25 (2/2)
Key Highlights for Axis Max Life FY20-25 (2/2) 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 Compa
Slide 10: 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) –Driven by secular growth Renewal Income – Delivering consistent growth Amount in INR cr Amount in INR cr 8,770 7,433 21,049 18,506 6,248 16,382 4,149 10,600 FY20 FY23 FY24 FY25 FY20 FY23 FY24 FY25 G
Slide 11: Best in class outcomes consistent with strategy of VNB growth
Best in class outcomes consistent with strategy of VNB growth Product Mix: Line of Business# FY’24 FY’25 Growth PAR Annuity NPAR Savings Protection & Health Group ULIP Par 1,358 1,358 0% Annuity 465 492 6% NPAR Savings 2,167 2,076 -4% 27% 35% Protection & Health2 661 896 35% 38% 42% Group Credit Lif
Slide 12: Efficient capital management with profitable growth
Efficient capital management with profitable growth Solvency Ratio (Pre-dividend): Solvency ratio aided by AA+ rated debt raise of Opex to GWP: YoY improvement in opex ratios 500 cr during Q4 FY’25 207% 201% 14.5% 190% 14.2% 13.8% 13.6% 172% 150% Solvency Limit FY’20 FY’23 FY’24 FY’25 FY’20 FY’23 FY
Slide 13: EV movement analysis: March 2024 to March 2025
EV movement analysis: March 2024 to March 2025 1,612 25,192 1,618 5 356 23,580 2,107 19,494 Operating RoEV: 19.1% VIF VIF 19,019 19,019 VIF 15,568 NAV NAV NAV 6,173 3,926 4,561 Opening EV Value of Unwind Operating variance Non-Operating Closing EV Capital Closing EV New Business Variance (excl Capit
Slide 14: 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 1.7 Lakh crore 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 AUM of ~75K cr Amount in INR cr Debt Equity Linked Controlled 43% 1
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 ▪ Awarded the Digital Transformation Award ▪ Amongst ‘Top 50 Large - India’s Best ▪ INR crit
Slide 16: Section III: Axis Max Life Insurance: Business Strategy
SECTION III Axis Max Life Insurance: Business Strategy
Slide 17: Axis Max Life's 5-Year Aspirations
Axis Max Life’s 5-Year Aspirations 1 2 Fastest growing profitable 3 Leader in Protection + 4 5 Leader in online acquisition Health & Wellness Leader in Retirement Inorganic expansion proprietary distribution proposition #5 player1 in offline #5 player1 in Protection and No addition of a material FY2
Slide 18: Progress achieved in FY'25 on strategic pillars
Progress achieved in FY’25 on 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 profitable ▪ Leader in
Slide 19: 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 (APE) – Disproportionate focus towards growing proprietary Proprietary Channels (APE)* channels Proprietary Bancassurance Others Amount in INR cr 1% 1% 2% 2% 3,723 2,957 2,307 1,282 58% 55%
Slide 20: Proprietary (Offline + Online) channels resilient growth
A Proprietary (Offline + Online) channels resilient growth with bias to drive margins Proprietary Channels Product mix- Higher ULIP in Ecommerce owing to success of new fund offers Offline Proprietary Par Annuity NPAR Savings Protection & Health ULIP Amount in INR cr 2,637 18% 2,267 26% 28% 1,921 37
Slide 21: Bancassurance partners continue to contribute strongly
A Bancassurance partners continue to contribute strongly Bancassurance Product Mix Axis Bank Amount in INR cr PAR Annuity NPAR Savings Protection & Health ULIP 4,195 3,826 3,469 2,366 36% 43% 47% 51% 2% FY’20 FY’23 FY’24 FY’25 4% 4% Other Bancassurance Partnerships 6% Amount in INR cr 24% 49% 31% 23
Slide 22: Emerging ecosystems with 44 new partnerships in FY'25
Axis Max Life has been augmenting its distribution capability by expanding both traditional and A emerging ecosystems with 44 new partnerships in FY’25 Ecosystems Key partners signed by Max Life Bancassurance Corporate Agents Retail Group Credit Life Medwell Online/Offline Insurance Energise Brokers
Slide 23: 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 Industry ▪ Hedged Guarantees with Derivatives First Whole Life plan ▪ Launched industry First COVID-19 Rider (diagnosis & ▪ Provide liquidi
Slide 24: Accelerating product innovation agenda
Accelerating product innovation agenda through experiments and INR creating new customer B segments Benefits to cater to need of death, Health & High Sum Assured Multiple with market Option to get back all premiums paid back Savings linked returns at no cost. Secure Earnings & Wellness Smart Total E
Slide 25: Complete suite of 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 26: India Retirement Index Survey (IRIS), 4th edition
IRIS, one of India’s leading retirement-focused surveys, now in its 4th edition B India Retirement Index indicating the degree to which Indians feel prepared for tomorrow’s retired life on a scale of 0 to 100. IRIS: Consistent upward movement seen in IRIS index and sub Awareness: On an average, an i
Slide 27: 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 Protection3 and Health APE Retail Protection2 and Health APE Amount in INR Cr Amount in INR Cr Awarness Ownership 2.6x 2.4x 25% 35% 70 74 1,344 896
Slide 28: 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 29: Customer focus delivers superior 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) 87% 88% 86% 85% 11M FY24 11M FY25 11M FY24 11M FY25 70% 74% 75% 76% 61% 63% 64% 68% 58% 57% 52% 53% 57%
Slide 30: 6 Key Pillars of Digital Strategy
D 6 Key Pillars of Digital Strategy 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 Technology Pla
Slide 31: Leadership in Ecommerce enabled by Best-in-Class On-boarding Platform
D Leadership in Ecommerce enabled by Best-in-Class On-boarding Platform Web stories New Fund launches FRICTIONLESS ONBOARDING • Industry first • Axis Max 500 launch. A new Sustainable way to engage Wealth 50 with young Index Fund generation • Smart innovati • 6K Annual lead on Fund generation State
Slide 32: Building Digital Agency and Banca partnerships of future
D Focusing on building a Digital Agency and Banca partnerships of future Digital Proprietary Banca Partnerships UNIFIED LEARNING & ALTERNATE Integration mSpace for D2C JOURNEY TRAINING MANAGEMENT SALES GENIE Smart Fixed Return Plan CHANNELS Marketplace SALES Force AI ROLE PLAY >95% 1.35L Reusable AP
Slide 33: Leveraging generative AI for competitive advantage
Leveraging generative AI for competitive advantage and digitizing customer service to deliver D superior experiences 1. Sales Enablement 2. Customer Service 3. Employee Experience Revamped Chatbot Revamped - WhatsApp Bot Enterprise Grade use cases Enhanced experience on buying Enterprise ConversePro
Slide 34: Agile, Scalable & Resilient Technology Platform
D Agile, Scalable & Resilient Technology Platform to Digitally power AMLI Data & Analytics Platform Compliance & Security Cloud Foundation Legacy Modernization 78% on hybrid, multi-cloud architecture 1st organization in India & Lakehouse architecture providing ~100% Resiliency 2nd in world to have S
Slide 35: Section IV: ESG
> SECTION IV > ESG a
Slide 36: 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 35
Slide 37: 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 Gender diversity ratio: A total of 332 energy-efficient AC Diverse Board composition w
Slide 38: Progress made in key strategic shifts in our ESG journey
Progress made in our key strategic shifts identified in our ESG journey- as on 31st March 2025 Indicators Key Metric for ESG Indicators Key Targets Current Status 95% of digital penetration Digital Operations Digital penetration 93% as of 31st Mar’25 by FY 2026 • Achieve 28% gender diversity ratio b
Slide 39: Annexures
> _¢ Annexures a
Slide 40: Expansion in both case size and number of policies sold
Expansion in both case size and number of policies sold Case Size (INR’000) NoP’s (000’s) Par Annuity NPAR Savings Protection & Health ULIP Par Annuity NPAR Savings Protection & Health ULIP 794 109 102 715 103 151 254 597 597 165 153 162 69 43 106 116 28 35 189 115 207 156 183 147 134 110 19 159 82
Slide 41: Sensitivity analysis as at 31st March 2025
Sensitivity analysis as at 31st March 2025 EV Value of new business New Business Margin Sensitivity Value (Rs Cr) % change VNB (Rs Cr) % change NBM % change Base Case 25,192 - 2,107 - 24.0% Lapse/Surrender - 10% increase 25,372 0.7% 2,043 (3.0%) 23.3% (0.7%) Lapse/Surrender - 10% decrease 24,986 (0.
Slide 42: 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 43: 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 March 2025. The VNB is calculated using the beginning of respective quarter’s risk free yield curve (i.e. 31st March 2024, 30th June 2024, 3
Slide 44: 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 45: 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 46: Thank You
Thank You 45 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2023-2024 | *As per public disclosure for H1 FY 2024 - 2025