Max Financial Services (MFSL) Q4 24/25 earnings summary

Executive summary

• Achieved strong growth despite regulatory changes and market volatility, regaining rank 4 for the full year and rank 3 in H2 and Q4 post new surrender regulations.

• Individual adjusted first year premium grew 20% in FY 2025 to ₹8,329 crore, outpacing private sector and industry growth.

• Maintained leadership in online and protection segments, with 99.65% claims paid ratio and high customer satisfaction.

• Added 44 new partners across retail and group channels, expanding reach in Tier 2 and 3 cities.

• Audited standalone and consolidated financial results for FY25 were approved, with auditors issuing unmodified opinions.

Financial highlights

• Consolidated revenue (excluding investment income) grew 12% to ₹32,620 crore; consolidated PAT at ₹403 crore for FY25.

• Gross written premium increased 13% to ₹33,223 crore; renewal premium up 14% to ₹21,049 crore.

• Value of new business (VNB) at ₹2,107 crore, with VNB margin at 24% and VNB growth of 7%.

• Embedded value as of March 31, 2025, at ₹25,192 crore; annualized total return on EV at 29%.

• Assets under management reached ₹1.75 lakh crore, up 16%.

Outlook and guidance

• Aims to maintain growth 300-400 basis points above private industry, targeting 13%-14% growth in key channels.

• Margin guidance for FY 2026 set at 24%-25%, balancing growth and profitability.

• Strategic focus on proprietary channel growth, digital innovation, and product diversification.

• Targeting 95% digital penetration by FY26 and 28% gender diversity ratio.

• Embedded Value and new business value validated by independent actuarial review, supporting future growth.