Max Financial Services Limited — PPTs, 13-05-2025: Investor Presentation

1. Financial Highlights:

Max Financial Services reported consolidated revenue excluding investment income of Rs 32,620 Cr, growing 12% in FY’25, with consolidated PAT at Rs 403 Cr. Axis Max Life Insurance showed robust performance with Individual Adjusted First Year Premium (FYP) rising 20% to Rs 8,329 Cr, outpacing industry growth. Total Annual Premium Equivalent (APE) grew 18%, while Value of New Business (VNB) reached Rs 2,107 Cr (+7%) with a New Business Margin (NBM) at 24.0%. Operating Return on Embedded Value stood at 19.1%, embedded value was Rs 25,192 Cr, and profit before tax rose 20% to Rs 448 Cr. Solvency ratio improved to 201%, Assets Under Management hit Rs 1.75 lakh Cr, with strong persistency (25th month at 74%) and best-in-industry claims ratio of 99.65%.

2. Strategic Initiatives & Growth Drivers:

Axis Max Life expanded proprietary distribution channels, delivering 26% APE growth led by agency, direct, and e-commerce (57% growth). New product launches include “Smart Term Plan Plus” and ULIPs with additional returns. Rider attachment ratio increased to 43%, boosting retail Protection & Health APE by 35%. Digital initiatives accelerated with AI-powered sales tools (mPitch Pro, Sales Genie) and smoother customer onboarding. Capital management improved alongside operational efficiencies and a Rs 500 Cr AA+ rated debt raise.

3. Business Developments:

The company onboarded 44 new partners across banks, brokers, and corporates strengthening bancassurance and ecosystem distribution. Axis Max Life holds leadership in online protection and savings, expanding its offerings in health, protection, savings, and retirement products. AI-driven customer interaction and generative AI sales support enhance customer and employee experience.

4. Market Position & Competitive Advantage:

Axis Max Life remains a market leader with a 9.8% private industry share, #3 in individual sum assured, and #1 in online protection and savings. It has the highest brand visibility with strong customer satisfaction (NPS 62) and industry-leading claims and persistency metrics. Asset quality is strong, with over 95% invested in AAA/sovereign debt, backed by robust risk management frameworks.

5. Investor Implications:

Consistent premium growth, improving margin profiles, and expanding market share highlight strong growth potential. Product innovation and digital leadership support sustainable competitive positioning with manageable execution risks. Investors should watch persistency trends and margin stability as indicators of profitability sustainability. ESG and digital transformation offer additional tailwinds for long-term value creation.