Max Financial Services (MFSL) Q3 24/25 earnings summary

Executive summary

• Completed rebranding to Axis Max Life Insurance, leveraging combined brand strength for deeper penetration in Tier 2 and Tier 3 cities and sustaining long-term growth strategies.

• Individual adjusted first-year premium rose 25%, outpacing private sector (19%) and industry (14%), with private market share expanding to 9.3% from 8.9% year-over-year.

• Product innovation and digital transformation initiatives improved operational efficiency, customer satisfaction, and risk management.

• Recognized for business excellence, customer service, and as a top workplace.

• Board approved unaudited results for the quarter and nine months ended December 31, 2024, with no material misstatements identified by auditors.

Financial highlights

• Consolidated revenue (excluding investment income) grew 14% to ₹20,907 crore for nine months FY 2025; Q3 FY25 revenue was ₹8,923.21 crore.

• Consolidated profit after tax reached ₹365 crore for nine months; Q3 FY25 net profit was ₹69.81 crore.

• Gross premium increased 14% to ₹21,360 crore; renewal premium up 12% to ₹13,269 crore.

• Value of new business (VNB) grew 9% to ₹1,255 crore, with a new business margin (NBM) of 21.9%.

• Assets under management rose 20% to ₹1.72 lakh crore.

Outlook and guidance

• Targeting close to 20% sales growth and high single-digit VNB growth for FY 2025.

• Aiming to maintain VNB margins around 25% as product mix is rebalanced.

• Focus on sustainable growth, proprietary channel expansion, and digital transformation.

• Persistency and customer experience remain key priorities, with NPS improving to 61 in Q3 FY'25.