Max Financial Services Limited reported robust financial performance for the first nine months of FY’26, with consolidated revenue excluding investment income rising 18% year-on-year to ₹24,625 crore. Including investment income, consolidated revenue stood at ₹36,891 crore, while profit after tax was ₹137 crore.
Axis Max Life Insurance, the group’s life insurance arm, continued to outperform the private industry, reporting a 20% year-on-year increase in Individual Adjusted First Year Premium (FYP) to ₹6,396 crore and gaining 53 basis points in private market share to reach 9.8%. Gross Written Premium grew 18% to ₹25,195 crore, while renewal premiums rose 17% to ₹15,551 crore. The company’s profitability indicator, Value of New Business (VNB), increased 30% to ₹1,633 crore, with new business margins improving to 23.6%. Assets under management expanded 12% to ₹1.93 lakh crore, and Embedded Value grew 16% to ₹28,110 crore.
Managing Director and CEO Sumit Madan said the company’s “sustained double-digit growth” was driven by strong proprietary channels, digital innovation, and expansion of partnerships, including 51 new business alliances. The steady growth in protection and savings products is also reflected in northeastern markets, including Guwahati, where rising financial awareness and increasing agency networks are contributing to stronger demand for life insurance products, supporting the company’s regional expansion strategy.
