Max Financial Posts Strong H1 Growth on Rising Insurance Demand

13 Nov 2025 CW Team

Axis Max Life Insurance Limited (“Axis Max Life”) continued to outperform the private life insurance sector, delivering 18 per cent growth in Individual Adjusted First Year Premium (IAFY) to Rs 38.91 billion in H1 FY26. This resulted in a 83-basis-point gain in private market share, bringing it to 10.1 per cent. Annualised Premium Equivalent (APE) rose 15 per cent year-on-year, driven by strong proprietary channels and the expansion of recently formed distribution partnerships. The insurer added 31 new partners during the first half, including 16 retail and 15 group partners.

Renewal premiums grew 18 per cent to Rs 95.03 billion, taking Gross Written Premium to Rs 154.9 billion, also up 18 per cent year-on-year. New Business Margins improved to 23.3 per cent, compared with 21.2 per cent last year, while the Value of New Business (VNB) rose 27 per cent, supported by an improved product mix. Axis Max Life also led the industry in retail protection sales and retained its leadership position in the online protection and savings segments.

Sumit Madan, CEO and Managing Director, Axis Max Life, said the company’s performance reflects the strength of its channel mix and consistent focus on sustainable, profitable growth. “Our market share of 10.1 per cent underscores disciplined execution and deep customer trust. We remain committed to scaling further and strengthening our leadership in the private life insurance space,” he said.

Demonstrating its commitment to an inclusive and progressive workplace, Axis Max Life Insurance was recognised by the Great Place to Work® Institute among India’s Best Workplaces for Women (Large) and India’s Best Workplaces in Diversity, Equity, Inclusion, and Belonging (Large).

Max Financial Services Limited reported consolidated revenue (excluding investment income) of Rs 150.9 billion, an 18 per cent year-on-year increase in H1 FY26. Including investment income, consolidated revenue stood at Rs 226.24 billion, while consolidated PAT reached Rs 920 million. Axis Max Life Insurance Limited (“Axis Max Life”) continued to outperform the private life insurance sector, delivering 18 per cent growth in Individual Adjusted First Year Premium (IAFY) to Rs 38.91 billion in H1 FY26. This resulted in a 83-basis-point gain in private market share, bringing it to 10.1 per cent. Annualised Premium Equivalent (APE) rose 15 per cent year-on-year, driven by strong proprietary channels and the expansion of recently formed distribution partnerships. The insurer added 31 new partners during the first half, including 16 retail and 15 group partners. Renewal premiums grew 18 per cent to Rs 95.03 billion, taking Gross Written Premium to Rs 154.9 billion, also up 18 per cent year-on-year. New Business Margins improved to 23.3 per cent, compared with 21.2 per cent last year, while the Value of New Business (VNB) rose 27 per cent, supported by an improved product mix. Axis Max Life also led the industry in retail protection sales and retained its leadership position in the online protection and savings segments. Sumit Madan, CEO and Managing Director, Axis Max Life, said the company’s performance reflects the strength of its channel mix and consistent focus on sustainable, profitable growth. “Our market share of 10.1 per cent underscores disciplined execution and deep customer trust. We remain committed to scaling further and strengthening our leadership in the private life insurance space,” he said. Demonstrating its commitment to an inclusive and progressive workplace, Axis Max Life Insurance was recognised by the Great Place to Work® Institute among India’s Best Workplaces for Women (Large) and India’s Best Workplaces in Diversity, Equity, Inclusion, and Belonging (Large).

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