Max Financial Services Ltd (NSE: MFSL), the parent company of Axis Max Life Insurance, reported robust operational performance for the nine months ended December 2025 (9M FY26), driven by strong premium growth, product diversification and expanding distribution partnerships.
Business Model
The company operates primarily in the Indian life insurance sector through Axis Max Life, offering protection, savings, annuity and retirement solutions across retail and group segments. The insurer distributes products through proprietary agency channels, bancassurance and digital platforms, targeting retail individuals, corporates and emerging customer cohorts such as gig workers and young professionals. The company has built strong capabilities in online protection and savings distribution, maintaining leadership positions in e-commerce channels.
Market Position
MFSL’s market cap recorded a five-year CAGR of 24%, reflecting strong long-term investor value creation. Axis Max Life also maintained a private market share of 9.8% during 9M FY26, up 53 basis points year-on-year, signalling improving competitive positioning in India’s life insurance industry.
Financial Performance – Q3 and 9M FY26
- MFSL reported consolidated revenue (including investment income) of ₹36,891 crore for 9M FY26, growing 8% year-on-year, while revenue excluding investment income rose 18% to ₹24,625 crore.
- Consolidated profit after tax stood at ₹137 crore.
- Axis Max Life delivered strong operating metrics with total APE at ₹6,908 crore and individual adjusted FYP at ₹6,396 crore.
- Gross written premium rose to ₹25,195 crore, renewal premium reached ₹15,551 crore and assets under management increased to ₹1.93 lakh crore.
- Value of New Business (VNB) climbed 30% year-on-year to ₹1,633 crore with a new business margin of 23.6%, while operating RoEV stood at 16.9% and solvency ratio at 201%.
- Q3 FY26 VNB grew 35% year-on-year to ₹659 crore.
Operational & Business Highlights
Growth was supported by a balanced product mix and strong momentum in proprietary channels, where APE grew 29% year-on-year. The company onboarded 51 new distribution partners and expanded online market leadership.
Protection and health APE grew 57% during 9M FY26, while annuity APE more than doubled, reflecting increasing demand for retirement products.
Industry Metrics & Market Dynamics
- The company outpaced private industry growth with 20% expansion in individual adjusted first-year premiums versus 13% industry growth.
- Axis Max Life maintained rank three in individual sum assured and strong digital distribution leadership. Claims paid ratio remained industry-leading at 99.7%, reinforcing customer trust.
Key Achievements, Milestones & Product Innovation
- During the period, Axis Max Life launched Online Savings Plan Plus and retirement-focused corporate solutions while receiving multiple industry awards for digital innovation, analytics and customer experience initiatives.
- Digital servicing initiatives and sales analytics platforms further enhanced operational efficiency and distribution effectiveness.
Management Commentary & Strategy
Management emphasized predictable and sustainable growth through digitalisation, product innovation, proprietary distribution expansion and customer-centric operations. Strategic priorities include strengthening bancassurance partnerships, scaling online acquisition, and leveraging AI-driven analytics across the value chain.
Geographic Presence & Target Customers
Axis Max Life operates across India with strong digital reach, catering to retail customers, corporate groups and emerging segments such as Generation Z, gig workers and double-income households seeking retirement and protection solutions.
Market Sentiment, Guidance and Key Takeaway
The company remains focused on profitable growth, balanced product mix and digital transformation. Continued expansion in protection and retirement segments, rising online leadership and strengthening distribution partnerships position MFSL for sustained industry outperformance. Strong capitalization and improving margins reinforce investor confidence heading into FY26’s final quarter.