Max Financial Services Limited · NSE:MFSL
Max Financial Services — 9M FY2026 Earnings Presentation
48 slides from Max Financial Services's earnings presentation, Feb 11, 2026
Slide 1: Exchange filing cover letter - Investor Release Q3 & 9M FY26
February 11, 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 - Q3 & 9M FY26 Dear Sir/Madam, Pursuant to Regulat
Slide 2: Max Financial Performance Update - Investor Release 9M FY'26
Max Financial Performance Update Investor Release 9M FY’26 February 11, 2026 ^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: 9M FY'26 Key Highlights
SECTION I Max Financial Services and Axis Max Life Insurance 9M FY’26 Key Highlights
Slide 4: Key highlights of Max Financial Services and Axis Max Life Insurance for 9M FY'26
Key highlights of Max Financial Services and Axis Max Life Insurance for 9M FY’26 ▪ Individual Adjusted first year Premium at Rs 6,396 cr grew by 20% vs Private industry growth of 13% during 9M FY’26. ▪ Private Market share at 9.8% during 9M FY’26 expanded by 53 bps from 9.3% during 9M FY’25. Revenu
Slide 5: Axis Max Life Insurance's 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 21% 17% Rs 6,908 cr Rs 6,396 20% Rs 25,195 cr 18% Rs 15,551 cr [Rs 5,731 cr] [Rs 5,352 cr] [Rs 21,360 cr] [Rs 13,269 cr] AUM Profit Before tax Net Worth Policyholder
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 Q3 FY'26 fueled by proprietary channels
Continue to post industry leading growth in Q3 FY’26 fueled by strong growth in proprietary channels Industry leading outcomes Secular Growth Segments of choice Q3 Individual Adjusted FYP Proprietary APE Retail Protection3 & Health2 APE Rs cr YOY Growth Q3 Market share1 9.4% Q3 FY'25 Q3 FY'26 YOY Gr
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 6,908 21,049 8,770 5,731 18,506 15,551 7,433 13,269 FY'24 FY'25 9M FY25 9M FY26 FY'24 FY'25 9M FY25 9M FY26 Gr
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# 9M FY’25 9M FY’26 Growth PAR Annuity NPAR Savings Protection & Health GROUP ULIP Par 788 1,055 34% Annuity 304 630 107% NPAR Savings 1,396
Slide 12: Efficient capital management with profitable growth
Efficient capital management with profitable growth PH Opex to GWP1: Higher due to GST & one-off Labor code impact Solvency Ratio (Pre-dividend): Aided by debt raise of 800 cr during Q2 FY’26 15.8% 14.9% 201% 201% 13.8% 13.6% 196% 172% 150% Solvency Limit FY'24 FY'25 9M FY25 9M FY26 FY'24 FY'25 9M F
Slide 13: Assets under management reached INR 1.9 lakh crore
Axis Max Life has consistently grown its Asset Under Management, reached INR 1.9 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 66% 69% 69% 74% 1
Slide 14: 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 ▪ Most Innovative Customer Experience ▪ Ranked 28th in The 'Top 100 Best ▪ Won At The Martec
Slide 15: Section III: Insurance: Business Strategy
SECTION III Axis Max Life Insurance: Business Strategy
Slide 16: Aspirations - strategic pillars with emphasis on long term imperatives
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 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 3,296 2,957 2,546 52% 58% 56% 60% FY'24 FY'25 9M FY’25 9M FY’26 Partne
Slide 18: Augmenting distribution with 51 new partnerships during 9M FY'26
Axis Max Life has been augmenting its distribution capability by expanding both traditional and A emerging ecosystems with 51 new partnerships during 9M FY’26 Ecosystems Key partners signed by Max Life Retail Part of Raise Financial Services GTL LAP Group UC LAP 17
Slide 19: Product mix in proprietary and Partnerships channels aligned to customer needs
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% 37% 33% 37% 41% 42% 50% 52% 17% 16% 20% 4% 17% 8% 6% 6% 27% 32% 24%
Slide 20: 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 21: Accelerating product innovation through experiments and new customer segments
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 22: Complete suite of products focused on longer term 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: Driving protection sales based on customer needs and risk management
B Driving protection sales based on customer needs and with its efficient risk managemenmt 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 2.2x 1.8x 43% 57% 70 74 933 1,355 47 34 594
Slide 24: Retirement remains a key focus area due to long term structural opportunity
Retirement 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. IRIS1: Significant Growth in overall IRIS Index from
Slide 25: 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 26: Strong customer focus: 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% 84% 8M FY25 8M FY26 8M FY25 8M FY26 72% 76% 75% 76% 62% 64% 66% 69% 57% 58% 59% 63% 53% 56%
Slide 27: 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 28: Leadership in Ecommerce enabled by Best-in-Class On-boarding Platform
D Leadership in Ecommerce enabled by Best-in-Class On-boarding Platform B2C & B2B ON-BOARDING SMARTER CHASE FRICTIONLESS ONBOARDING PLATFORM Talk to customer the way they like 11:30 AM Best-in-class journey with smarts driving frictionless WhatsApp for Business to chase in-funnel prospects State of
Slide 29: 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 30: Sales Navigator transforming sales force into a Bionic Sales Force
D Sales Navigator transforming our sales force into a truly Bionic Sales Force One Stop Solution Product mix Cross Sell Advisor recruitment • Single login with integrated workflow to perform day-to-day job ( Recruitment, Smart Advisor Prospecting Training, Sales, and Review ) Real time product varia
Slide 31: Empowering customers with DIY Servicing and Wellness via new app
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 • Crosssell offers Free Doctor consultation Push notifications & message center, • Biometric login
Slide 32: Leveraging generative AI for competitive advantage and 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 33: 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 34: Section IV: ESG
> SECTION IV > ESG a
Slide 35: 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 34
Slide 36: 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 37: 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 Diverse Board composition with Committed to responsible Energy Management Gender diversity ratio: 29.3% as of optimum no. of Inde
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 30th Sept 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 div
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 109 102 106 794 104 638 715 540 151 149 162 146 254 171 165 43 44 35 41 175 115 121 189 110 112 207 210 146 1
Slide 41: 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 42: 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 43: Components of VIF (1/2) Present Value of Future Profits (PVFP)
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 44: 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 45: 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 December 2025. The VNB is calculated using the beginning of respective quarter’s risk free yield curve (i.e. 31st March 2025, 30th June 2025
Slide 46: 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 47: 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 48: Thank You
Thank You 47 ^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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