Max Financial Services (MFSL) Q3 25/26 earnings summary

Executive summary

• Insurance Act amendments increased FDI limit to 100% and enabled insurer-non-insurer mergers, with board approval to initiate Axis Max Life and MFSL amalgamation.

• Individual adjusted first-year premium grew 20% YoY to Rs 6,396 crore, outpacing private industry growth and raising private market share to 9.8%.

• Three-year CAGR of 21% outpaces private sector and industry, with Q3 retail APE up 30% and proprietary channels up 52%.

• Consolidated profit after tax reached Rs 137 crore, with VNB up 30% YoY to Rs 1,633 crore and NBM at 23.6%.

• 51 new partners added in nine months, with leadership in online protection and savings.

Financial highlights

• Revenue (excluding investment income) reached Rs 24,625 crore, up 18% in nine months FY 2026; consolidated revenue including investment income up 8% to Rs 36,891 crore.

• Gross written premiums up 18% to Rs 25,195 crore; renewal premium up 17% to Rs 15,591 crore.

• Consolidated profit after tax for nine months was Rs 137 crore, lower due to fair value and GST impacts.

• Embedded Value at Rs 28,110 crore, up 16% YoY; annualized operating ROEV at 16.9%.

• Assets under management reached Rs 1.92 lakh crore, up 12%.

Outlook and guidance

• Confident in sustaining growth momentum, with potential upward revision to sales guidance.

• NBMs expected to land in the 24%-25% range for FY 2026, with most GST impact mitigated.

• Focus on maintaining 300-500 basis points faster growth than industry over the long term.

• Digital transformation and AI integration to enhance efficiency and customer experience.

• Persistency and customer NPS targeted for further improvement.