Max Financial Services Limited — PPTs, 11-02-2026: Investor Presentation

**Business Performance:**

Max Financial Services (MFSL) reported 9M FY26 consolidated revenue (excl. investment income) climbed 18% to Rs 24,625 Cr; PAT Rs 137 Cr. Axis Max Life’s individual adjusted first-year premium grew 20%, outperforming industry, boosting market share to 9.8%. Retail Protection & Health APE surged 57% (Rs 933 Cr), Annuity APE more than doubled (+107%, Rs 630 Cr).

**Growth Drivers & Strategy:**

Strategy targets "segments of choice" like Protection & Annuity. Proprietary channels showed robust 29% growth. Digital transformation, including AI for sales/service, plus 51 new partnerships, are key levers.

**Recent Developments:**

New products: Online Savings Plan Plus and Corporate Advantage in Retirement. Digital updates: Generative AI tools and a new customer app launched for self-service and cross-selling.

**Key Financial Metrics:**

9M FY26 VNB rose 30% to Rs 1,633 Cr; New Business Margin at 23.6%. AUM hit Rs 1,92,668 Cr. Solvency Ratio remains strong at 201%.

**Management Outlook:**

Leadership aims for continued dominance in Protection, Health, and Retirement. Future plans emphasize aggressive digital/AI adoption, strengthening bancassurance, and exploring inorganic expansion for sustained market position.