Axis Max Life's Ind. Adj. FYP grew 23%, VNB rose 32% YoY in Q1FY'26
Max Financial Services Limited reports 18% growth in consolidated revenue excluding investment income
Axis Max Life Insurance Limited's private industry market share increased by 121 bps to 10%
Individual Adjusted First Year Premium at ₹ 1,553 crores, grew 23%
1,553 crores, grew 23% Gross Written Premium: ₹ 6,397 crores, up 18% Year-on-Year (YoY)
6,397 crores, up 18% Year-on-Year (YoY) VNB (measure of profitability) at ₹ 335 crores, up 32% YoY; New business margin improved by 260 bps to 20.1%
335 crores, up 32% YoY; New business margin improved by 260 bps to 20.1% Embedded Value at ₹ 26,478 crores, grows 20% with an Operating RoEV of 14.3%
26,478 crores, grows 20% with an Operating RoEV of 14.3% Individual New Business Sum Assured grew by 26%
Assets Under Management (AUM) at ₹ 1,83,211 crores, up by 14%
1,83,211 crores, up by 14% New retail policy sales increase by 10%
Noida, August 08, 2025:Continuing on its growth momentum during Q1 FY'26,Axis Max Life Insurance Limited ('Axis Max Life'/ 'Company'),formerly known as Max Life Insurance Company Limited, new business growth (Individual Adjusted First Year Premium) grew by 23% to ₹1,553 crores leading to private market share gain by 121 basis points (bps) to 10.0%. Number of new retail policies grew by 10%. The new business growth was fuelled by strong growth of 40% in Annuity, 36% in Retail Protection & Health and 41% from NPAR-Savings. Additionally, Axis Max Life has successfully on-boarded 15 new partners in Q1 FY'26 including 8 Retail and 7 Group business partners.
Further, the renewal premium rose by 17% to ₹3,873 crores, taking the Gross Written Premium to ₹6,397 crores, an increase of 18% over the first quarter of previous financial year. Additionally, Axis Max Life reported New Business Margins of 20.1% in Q1 FY'26 vs 17.5% last year. Value of New Business (VNB), a measure of profitability experienced a YoY growth of 32% during Q1 FY'26 aided by product mix improvements.
Prashant Tripathy, CEO and Managing Director, Axis Max Life, said, 'We have started the fiscal on a positive momentum, achieving a 23% year-on-year increase in Individual Adjusted First Year Premium. This robust growth is built on a foundation of a balanced product mix, a wide-reaching and diversified distribution network, and a relentless focus on innovation to meet the emergent customer needs. Our New Business Margin improved significantly to 20.1% in the first quarter, while the Value of New Business (VNB) saw a 32% year-on-year growth reflecting a proactive and strategic market approach, delivering a 121 basis point gain in Axis Max Life's private industry market share. This performance not only demonstrates our operational efficiency but also the ability to generate sustainable, long-term value. As we move forward, our aspiration is clear and ambitious: to continue outpacing the industry growth while marching towards the goal of being among the top 3 private life insurers in India.'
Focusing on innovation, the Company launched 'Axis Max Life app' a digital platform that integrates life insurance servicing with wellness benefits. This app is a comprehensive, digital solution for customers, designed to simplify life insurance management, promote holistic wellness, and enhance overall customer experience.
Reiterating its commitment towards its customers, the Company continues to maintain one of the top industry position in Claims Paid Ratio with a ratio of 99.70%. The company was also ranked 28th by GPTW among Top 100 companies to work for in India, among 'Top 50 India's Best Workplaces Building A Culture Of Innovation By All' in 2025 and among the 'Top 25 Best Workplaces in BFSI 2025' in India.
Key Financial Summary of Axis Max Life:
₹ Crores
Q1 FY'26
Q1 FY'25 YoY
Financial performance Summary Individual Adjusted FYP
1,553
1,260
23% Total APE
1,668
1,453
15% Renewal Premium
3,873
3,323
17% Gross Written Premium
6,397
5,399
18% Number of Policies (000's)
166
151
10% Individual New business Sum Assured
89,079
70,846
26% Assets Under Management
1,83,211
1,61,153
14% Embedded Value
26,478
22,043
20% RoEV
14.3%
14.2%
10 bps New Business Margins
20.1%
17.5%
2.6% Value of new business
335
254
32% Solvency
199%
203%
-4.0% View All
Prev
Next
About Max Financial Services Limited
Max Financial Services Limited (MFSL) is part of India's leading business conglomerate - the Max Group. Focused on Life Insurance, MFSL owns and actively manages an ~81% majority stake in Axis Max Life.
MFSL is listed on the NSE and BSE. Besides a ~1.7% holding by Analjit Singh and sponsor family, some of the other group shareholders include MSI, Capital Group, Vanguard, Polar, Pictet, Jupiter, Blackrock, Kuwait Investment Authority, Abu Dhabi Investment Authority, Franklin Templeton, Pioneer, JP Morgan, Norges Bank, Oxbow Capital, Asset Management Companies - HDFC, Nippon, ICICI Prudential, DSP, SBI, Kotak, Aditya Birla Sun Life, Mirae, UTI, Canara Robeco, Invesco, HSBC, Whiteoak, Edelweiss, TATA, Bandhan and PGIM, and Private Life Insurance Companies – HDFC, SBI, TATA AIA, Kotak, ICICI Pru, Bajaj Allianz and Aditya Birla Sun Life.
About Axis Max Life Insurance Limited (https://www.axismaxlife.com)
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr.
Axis Max Life has recently transitioned to a new domain https://www.axismaxlife.com as part of its rebranding exercise. This migration has no impact on existing policyholders who will continue to receive all policy benefits and services as earlier.
Note to the Reader: This article is part of Hindustan Times' promotional consumer connect initiative and is independently created by the brand. Hindustan Times assumes no editorial responsibility for the content.
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Key Financial Summary of Axis Max Life: ₹ Crores Q1 FY'26 Q1 FY'25 YoY Financial performance Summary Individual Adjusted FYP 1,553 1,260 23% Total APE 1,668 1,453 15% Renewal Premium 3,873 3,323 17% Gross Written Premium 6,397 5,399 18% Number of Policies (000's) 166 151 10% Individual New business Sum Assured 89,079 70,846 26% Assets Under Management 1,83,211 1,61,153 14% Embedded Value 26,478 22,043 20% RoEV 14.3% 14.2% 10 bps New Business Margins 20.1% 17.5% 2.6% Value of new business 335 254 32% Solvency 199% 203% -4.0% View All Prev Next About Max Financial Services Limited Max Financial Services Limited (MFSL) is part of India's leading business conglomerate - the Max Group. Focused on Life Insurance, MFSL owns and actively manages an ~81% majority stake in Axis Max Life. MFSL is listed on the NSE and BSE. Besides a ~1.7% holding by Analjit Singh and sponsor family, some of the other group shareholders include MSI, Capital Group, Vanguard, Polar, Pictet, Jupiter, Blackrock, Kuwait Investment Authority, Abu Dhabi Investment Authority, Franklin Templeton, Pioneer, JP Morgan, Norges Bank, Oxbow Capital, Asset Management Companies - HDFC, Nippon, ICICI Prudential, DSP, SBI, Kotak, Aditya Birla Sun Life, Mirae, UTI, Canara Robeco, Invesco, HSBC, Whiteoak, Edelweiss, TATA, Bandhan and PGIM, and Private Life Insurance Companies – HDFC, SBI, TATA AIA, Kotak, ICICI Pru, Bajaj Allianz and Aditya Birla Sun Life. About Axis Max Life Insurance Limited ( Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. Axis Max Life has recently transitioned to a new domain as part of its rebranding exercise. This migration has no impact on existing policyholders who will continue to receive all policy benefits and services as earlier. Note to the Reader: This article is part of Hindustan Times' promotional consumer connect initiative and is independently created by the brand. Hindustan Times assumes no editorial responsibility for the content.
