Axis Max Life Reports Strong Growth in Individual Adjusted Premium, Drives Margins Up 315 Basis Points

Axis Max Life Reports Strong Growth in Individual Adjusted Premium, Drives Margins Up 315 Basis Points​

Max Financial Services Limited (MFSL) and its subsidiary, Axis Max Life Insurance Limited, reported robust growth across multiple metrics during the third quarter of Fiscal Year 2027 (3M FY'27). Axis Max Life recorded a significant surge in individual adjusted first-year premium, while MFSL saw increases in consolidated revenue and profit after tax.

The parent company, Max Financial Services Limited, reported that its consolidated revenue excluding investment income reached ₹7,289 crores, marking an 18% growth year-on-year (YoY). Including investment income, the consolidated revenue stood at ₹14,977 crores, and the consolidated Profit after Tax (PAT) grew by 37%, reaching ₹1,18 crores in 3M FY'27.

Axis Max Life Insurance Limited reported a 17% YoY growth in individual adjusted first-year premium, achieving ₹1,810 crores during the quarter. This performance resulted in a gain of 13 basis points (bps) to secure a 10.1% private market share. The company also achieved a 15% YoY growth in Total Annualized Premium Equivalent (APE).

Channel Performance and Business Resilience​

The insurer strengthened its distribution channels, with the proprietary channel achieving a 15% YoY growth, largely driven by robust activity from the online channel, reinforcing the Company's standing in the e-commerce space. In terms of partnership channels, there was a 16% increase, supported by 14% growth from the Axis channel and 21% from other partnerships.

Axis Max Life also saw substantial progress in specialized segments. The Group Credit Life (GCL) segment delivered 57% growth in 3M FY'27, with 45% of its GCL business sourced from partners added within the last three years. Furthermore, the Protection and Health business grew by 44%, fueled by a 57% surge in riders. The Annuity business recorded an exceptional 116% growth during the quarter.

Amrit Singh, Chief Financial Officer of Axis Max Life, commented on these achievements, stating that the company's performance reflects a focus on quality growth and disciplined capital management. He highlighted that the New Business Margin improved by 315 basis points (bps) to 23.2%, which resulted in a 33% growth in Value of New Business to ₹446 crores. This was supported by individual renewal premium, which grew 20% year-on-year, leading to Gross Written Premium reaching ₹7,607 crores, an increase of 19% YoY.

Sumit Madan, Managing Director and CEO of Axis Max Life, noted that the Q1 results reflected strong momentum, positioning the company ahead of the private market with a 10.1% share. He emphasized that this performance is attributable to disciplined execution across distribution and improved profitability driven by a balanced product strategy.

Financial Highlights​

Axis Max Life continues to build its financial foundation, reporting an Embedded Value increase of 15% to ₹30,415 crores, with Operating RoEV improving to 14.9%. The Company is also accelerating its digital transformation, embedding AI and analytics across customer acquisition, distribution, underwriting, and servicing to drive profitable growth.

Key financial figures for Axis Max Life Insurance Limited in 3M FY'27 are summarized below:


The detailed financial snapshot is provided in the table below:

MFSL Stock Price Movement​

On Thursday, shares of Max Financial Services Limited shed 0.24% of their value, settling at ₹1512.4 as trading concluded. The stock recorded a total traded volume of 477,103 shares during the session.