Max Financial Services Limited · NSE:MFSL
Max Financial Services — Q1 FY2026 Earnings Presentation
45 slides from Max Financial Services's earnings presentation, Aug 7, 2025
Slide 1: Investor Release Q1 FY26 cover letter to exchanges
August 7, 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– Q1 FY 26 Pursuant to Regulation 30 of SEBI (List
Slide 2: Max Financial Performance Update
Max Financial Performance Update Investor Release 3M FY’26 August 7, 2025 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025 | *As per public disclosure for H1 FY 2024 - 2025
Slide 3: Section I: 3M FY'26 Key Highlights
SECTION I Max Financial Services and Axis Max Life Insurance 3M FY’26 Key Highlights
Slide 4: Key highlights of Max Financial Services and Axis Max Life for 3M FY'26
Key highlights of Max Financial Services and Axis Max Life Insurance for 3M FY’26 ▪ MFSL revenue* excluding investment income at Rs 6,194 cr, grows 18% in 3M FY’26. Consolidated Profit After Tax at Rs 86 cr; ▪ Individual Adjusted first year Premium at Rs 1,553 cr grew by 23% vs Private industry grow
Slide 5: Axis Max Life Insurance's financial performance summary for 3M FY'26
Axis Max Life Insurance’s financial performance summary for 3M FY’26 Total APE1 Ind Adjusted FYP Gross Written Premium Renewal Premium 17% Rs 1,668 cr 15% Rs 1,553 23% Rs 6,397 cr 18% Rs 3,873 cr [Rs 1,453 cr] [Rs 1,260 cr] [Rs 5,399 cr] [Rs 3,323 cr] AUM Profit Before tax Net Worth Policyholder Ope
Slide 6: Section II: Insurance Business Overview and Financial Update
SECTION II Axis Max Life Insurance- Business Overview and Financial Update
Slide 7: Key Highlights for 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 8: Key Highlights for 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 FY25 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 9: Continue to post industry leading growth in Q1 FY'26
Continue to post industry leading growth in Q1 FY’26 fueled by disproportionate growth in proprietary channels Industry leading outcomes Secular Growth Segments of choice Q1 Individual Adjusted FYP Banca APE (APE) Retail Protection3 & Health2 APE Rs Cr Q1 FY'25 Q1 FY'26 YOY Growth Q1 Market share1 1
Slide 10: Max Life has delivered strong performance on new business
Max Life has delivered strong performance on new business New Business Premiums (on APE1 basis) Renewal Income – Delivering consistent growth Amount in INR cr Amount in INR cr 8,770 21,049 1,668 3,873 18,506 7,433 1,453 3,323 FY'24 FY'25 3M FY'25 3M FY'26 FY'24 FY'25 3M FY'25 3M FY'26 Gross Written
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# 3M FY’25 3M FY’26 Growth PAR Annuity NPAR Savings Protection & Health GROUP ULIP Par 209 213 2% Annuity 82 114 40% NPAR Savings 353 498 41% 35% 33% 39% Protection & Health 161 218 36% 42% Group Credit Life 2
Slide 12: Efficient capital management with profitable growth
Efficient capital management with profitable growth PH Opex to GWP: Investing towards building distribution Solvency Ratio (Pre-dividend) 17.9% 17.8% 201% 203% 199% 13.8% 13.6% 172% 150% Solvency Limit FY'24 FY'25 3M FY'25 3M FY'26 FY'24 FY'25 3M FY'25 3M FY'26 Operating RoEV: Underwriting Profits A
Slide 13: More than 95% of debt investments in sovereign and AAA securities
Axis Max Life has consistently grown its Asset Under Management1, reached INR 1.8 Lakh crore Assets Under Management - AMLI is the 4th largest2 manager of private LI Linked: Healthy mix of Debt and Equity AUMs and Largest Par fund2 Amount in INR 000’cr Linked Controlled Debt Equity 183 175 66% 69% 6
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 ▪ Recognized Among ET Sustainable ▪ Ranked 28th in The 'Top 100 Best ▪ Accorded Silver - Dig
Slide 15: Section III: Insurance Business Strategy
SECTION III Axis Max Life Insurance: Business Strategy
Slide 16: Aspirations: 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 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 New Business (APE)* Proprietary Bancassurance Others Amount in INR cr 2% 2% 2% 3,723 3% 796 2,957 717 48% 4
Slide 18: Expanding ecosystems with 15 new partnerships in 3M FY'26
Axis Max Life has been augmenting its distribution capability by expanding both traditional and A emerging ecosystems with 15 new partnerships in 3M FY’26 Ecosystems Key partners signed by Max Life Retail Group 17
Slide 19: Product mix in proprietary and Bancassurance channels
A Product mix in proprietary and Bancassurance channels aligned to customer needs Proprietary Channels Product mix Bancassurance Product Mix PAR Annuity NPAR Savings Protection & Health ULIP PAR Annuity NPAR Savings Protection & Health ULIP 28% 33% 37% 40% 43% 42% 51% 49% 17% 20% 16% 4% 7% 18% 5% 6%
Slide 20: Forefront of product innovation with industry firsts
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 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 Flexibility to choose their first-year income Savings linked returns level Secure Earnings & Wellness Smart Value Inc
Slide 22: 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 23: Understanding the customer to drive protection sales
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 2.1x 1.7x 29% 36% 70 74 415 218 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) 87% 86% 85% 84% 2M FY25 2M FY26 2M FY25 2M FY26 75% 75% 76% 70% 62% 63% 66% 68% 62% 58% 58% 57% 52% 54%
Slide 26: 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 27: Leadership in Ecommerce with Best-in-Class On-boarding Platform
D Leadership in Ecommerce enabled by Best-in-Class On-boarding Platform B2C & B2B ON-BOARDING PLATFORM FRICTIONLESS ONBOARDING 11:30 AM Best-in-class journey with smarts for better seller and customer experience State of the art Integration stack with third parties like CIBIL, PAYU, AA, OCR for digi
Slide 28: Building Digital Proprietary and Banca partnerships of future
D Focusing on building a Digital Proprietary and Banca partnerships of future Digital Proprietary Banca Partnerships UNIFIED LEARNING Gen-AI Speech ALTERNATE Integration Super App for D2C JOURNEY & TRAINING Analytics Smart Fixed Return CHANNELS (including Marketplace SALES Force Plan CAT Axis) MANAG
Slide 29: Leveraging generative AI and digitizing customer service
D Leveraging generative AI for competitive advantage and digitizing customer service to deliver superior experiences 1. Sales Enablement 2. Customer Service 3. Employee Experience Newly launched customer app Enterprise Grade use case development DIY Servicing & Renewals ConversePro mPitchPro • Biome
Slide 30: Agile, Scalable & 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 31: Section IV: ESG
> SECTION IV > ESG a
Slide 32: 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 31
Slide 33: 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 34: 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 Committed to responsible Energy Management Diverse Board composition with Gender diversity ratio: investments • A total of 32 ene
Slide 35: Progress on key strategic shifts in ESG journey
Progress made in our key strategic shifts identified in our ESG journey- as on 30th June 2025 Indicators Key Metric for ESG Indicators Key Targets Current Status Digital Digital penetration 95% of digital penetration by FY 2026 93.58% as of 30th June’25 Operations Diversity & Achieve 28% gender dive
Slide 36: Annexures
> _¢ Annexures a
Slide 37: Expansion in case size and number of policies sold
Expansion in both case size and number of policies sold in 3M FY’26 Case Size (INR’000) NoP’s (000’s) Par Annuity NPAR Savings Protection & Health ULIP Par Annuity NPAR Savings Protection & Health ULIP 109 102 794 98 166 94 715 151 151 162 254 43 139 144 165 44 43 35 42 34 110 115 189 52 108 207 102
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 2025. The VNB is calculated using the beginning of respective quarter’s risk free yield curve (i.e. 31st March 2025). ▪ No allowance ha
Slide 43: 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 44: 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 45: Thank You
Thank You 44 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025 | *As per public disclosure for H1 FY 2024 - 2025
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