Max Financial Services Limited · NSE:MFSL
Max Financial Services — H1 FY26 Earnings Presentation
49 slides from Max Financial Services's earnings presentation, Nov 11, 2025
Slide 1: Investor Release - Q2 & H1 FY26 filing letter
November 11, 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 - Q2 & H1 FY26 Dear Sir/Madam, Pursuant to Reg
Slide 2: Max Financial Performance Update
Max Financial Performance Update Investor Release H1 FY’26 November 11, 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: H1 FY'26 Key Highlights
SECTION I Max Financial Services and Axis Max Life Insurance H1 FY’26 Key Highlights
Slide 4: Key highlights of Max Financial Services and Axis Max Life for H1 FY'26
Key highlights of Max Financial Services and Axis Max Life Insurance for H1 FY’26 ▪ Individual Adjusted first year Premium at Rs 3,891 cr grew by 18% vs Private industry growth of 8% during H1 FY’26. ▪ Private Market share at 10.1% during H1 FY’26 expanded by 83 bps from 9.3% during H1 FY’25. Revenu
Slide 5: Axis Max Life Insurance's financial performance summary for H1 FY'26
Axis Max Life Insurance’s financial performance summary for H1 FY’26 Total APE1 Ind Adjusted FYP Gross Written Premium Renewal Premium 15% 18% Rs 4,175 cr Rs 3,891 18% Rs 15,490 cr 18% Rs 9,503 cr [Rs 3,623 cr] [Rs 3,309 cr] [Rs 13,137 cr] [Rs 8,046 cr] AUM Profit Before tax Net Worth Policyholder O
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 Q2 FY'26
Continue to post industry leading growth in Q2 FY’26 fueled by strong growth in proprietary channels Industry leading outcomes Secular Growth Segments of choice Q2 Individual Adjusted FYP Proprietary APE Retail Protection3 & Health2 APE Rs cr YOY Growth Q2 Market share1 10.2% Q2 FY'25 Q2 FY'26 YOY G
Slide 10: Axis Max Life has delivered strong performance across business segments
Axis Max Life has delivered strong performance across business segments New Business Premiums (on APE1 basis) Renewal Income – Delivering consistent growth Amount in INR cr Amount in INR cr 8,770 21,049 9,503 4,175 18,506 7,433 3,623 8,046 FY'24 FY'25 H1 FY25 H1 FY26 FY'24 FY'25 H1 FY25 H1 FY26 Gros
Slide 11: Healthy growth in Value of new business 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# H1 FY’25 H1 FY’26 Growth PAR Annuity NPAR Savings Protection & Health GROUP ULIP Par 435 532 22% Annuity 185 343 85% NPAR Savings 921 1,16
Slide 12: Efficient capital management with profitable growth
Efficient capital management with profitable growth PH Opex to GWP1: Investing towards building distribution Solvency Ratio (Pre-dividend): Aided by debt raise of 800 cr during Q2 FY’26 16.5% 15.5% 208% 13.8% 13.6% 201% 198% 172% 150% Solvency Limit FY'24 FY'25 H1 FY25 H1 FY26 FY'24 FY'25 H1 FY25 H1
Slide 13: EV movement analysis: March 2025 to September 2025
EV movement analysis: March 2025 to September 2025 Amount in INR cr 993 974 13 27,163 26,895 25,192 -9 -268 Operating RoEV: 16.3% VIF VIF VIF 20,615 20,633 19,019 NAV NAV NAV 6,173 6,547 6,261 Opening EV Value of Unwind Operating variance Non-Operating Closing EV GST Impact Closing EV New Business V
Slide 14: More than 95% of debt investments in sovereign and AAA securities
Axis Max Life has consistently grown its Asset Under Management, reached INR 1.8 Lakh crore1 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 185 175 170 66% 6
Slide 15: Axis Max Life recognized for excellence in business, customer service and people
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 ▪ No. 2 in Customer Loyalty survey by Hansa ▪ Ranked 28th in The 'Top 100 Best ▪ INR critics
Slide 16: Section III: Insurance: Business Strategy
SECTION III Axis Max Life Insurance: Business Strategy
Slide 17: Axis Max Life 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 18: Growth in both Proprietary and Partnerships channels
A Axis Max Life has focused on ensuring growth in both its Proprietary and Partnerships channels Channel Mix# –Scaling up of new partnerships Proprietary Channels New Business (APE)* Proprietary Partnership Amount in INR cr 3,723 1,947 2,957 1,657 54% 53% 60% 58% FY'24 FY'25 H1 FY25 H1 FY26 Partners
Slide 19: Expanding distribution with 31 new partnerships in H1 FY'26
Axis Max Life has been augmenting its distribution capability by expanding both traditional and A emerging ecosystems with 31 new partnerships in H1 FY’26 Ecosystems Key partners signed by Max Life Retail GTL Group LAP 18
Slide 20: Product mix in proprietary and partnership channels
A Product mix in proprietary and Partnerships channels aligned to customer needs Proprietary Product mix Partnership Product Mix PAR Annuity NPAR Savings Protection & Health ULIP PAR Annuity NPAR Savings Protection & Health ULIP 28% 32% 37% 37% 42% 42% 50% 53% 17% 19% 4% 16% 17% 7% 6% 6% 27% 32% 26%
Slide 21: Forefront of driving product innovation
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 22: Accelerating product innovation agenda
B Accelerating product innovation agenda through experiments and creating new customer 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 Income
Slide 23: 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 24: Retirement focus due to long-term structural opportunity
Retainment remains a key focus area for Axis Max life due to the long term structural opportunity B within the segment India Retirement Index indicating the degree to which Indians feel prepared for tomorrow’s retired life on a scale of 0 to 100. IRIS: Significant Growth in overall IRIS Index from 4
Slide 25: Driving protection sales with efficient risk management
B Driving protection sales based on customer needs and with 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 30% 36% 70 74 869 540 47 669 396 31
Slide 26: 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 27: 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% 85% 85% 83% 5M FY25 5M FY26 5M FY25 5M FY26 76% 75% 76% 71% 62% 63% 66% 68% 57% 58% 58% 62% 52% 54%
Slide 28: 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 29: 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 State of the art Integration stack with third parties like CIBIL, experience PAYU, AA, OCR for digi
Slide 30: 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 31: Sales Navigator transforming the sales force
Sales Navigator transforming our sales force into a truly Bionic Sales Force, to get maximum D outcome from an average seller. One Stop Solution Performance Dashboard Cross Sell Track your Policy • Single login with integrated workflow to perform day-to-day job ( Recruitment, • Sales analytics platf
Slide 32: Empowering customers with DIY servicing and wellness
Empowering customers with DIY Servicing and Wellness, while driving cross-sell through the newly D launched Axis Max Life Insurance App DIY Servicing & Renewals Cross Sell Health & Wellness Engagement • Crossell offers Free Doctor consultation Push notifications & message center, • Biometric login F
Slide 33: Leveraging generative AI for competitive advantage
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 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 80% 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 (1/3)
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 35
Slide 37: 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 38: 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: 29.4% as of investments • A tot
Slide 39: Progress made in key strategic shifts in our ESG journey
Progress made in our key strategic shifts identified in our ESG journey- as on 30th Sept 2025 Indicators Key Metric for ESG Indicators Key Targets Current Status Digital Digital penetration 95% of digital penetration by FY 2026 92.66% as of 30th Sept 2025 Operations Diversity & Achieve 30% gender di
Slide 40: Annexures
> _¢ Annexures a
Slide 41: Expansion in case size and number of policies sold
Expansion in both case size and number of policies sold in H1 FY’26 Case Size* (INR’000) NoP’s (000’s) Par Annuity NPAR Savings Protection & Health ULIP Par Annuity NPAR Savings Protection & Health ULIP 109 102 794 105 100 391 715 151 356 162 149 254 140 165 103 43 116 35 44 40 110 115 114 189 207 1
Slide 42: Sensitivity analysis as at 30th September 2025
Sensitivity analysis as at 30th September 2025 EV Value of new business New Business Margin Sensitivity Value (Rs Cr) % change VNB (Rs Cr) % change NBM % change Base Case 26,895 - 974 - 23.3% - Lapse/Surrender - 10% increase 26,930 0.1% 931 (4.4%) 22.3% (1.0%) Lapse/Surrender - 10% decrease 26,849 (
Slide 43: 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 44: 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 45: 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 46: 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 2025. The VNB is calculated using the beginning of respective quarter’s risk free yield curve (i.e. 31st March 2025 and 30th June
Slide 47: 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 48: 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 49: Thank You
Thank You 48 ^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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