Max Financial Services and Axis Max Life Report on Sustainability, ESG Commitments for FY 2025-2026

Max Financial Services and Axis Max Life Report on Sustainability, ESG Commitments for FY 2025-2026​

Max Financial Services Limited (MFSL) and Axis Max Life Insurance Limited (AMLI) have released their Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026. The report details the companies' commitment to responsible business conduct across various operational, social, and environmental metrics, forming part of the consolidated annual reporting package.

The BRSR provides a detailed look into the sustainable performance criteria derived from the National Guidelines on Responsible Business Conduct (NGRBC), encompassing ESG practices for both entities.

Corporate Governance and Sustainability Strategy​

ESG considerations are central to long-term value creation for both MFSL and AMLI. The companies structure their sustainability efforts around four strategic pillars: Green Operations, Working Ethically and Responsibly, Care for People, and Financial Responsibility.

The Board of Directors of Axis Max Life Insurance is the highest authority responsible for overseeing Business Responsibility policies. A dedicated Board-level CSR & ESG Committee, along with an ESG Steering Committee chaired by the CEO, drives sustainability across operations. The companies have committed to achieving specific targets, including a 30% gender diversity ratio and 100% ESG integration in equity investment research.

The dedication to sustainable practices has garnered recognition, with the company being named one of India's Most Sustainable Organisations by The Economic Times for the third consecutive year.

Key Operational and Social Metrics​

The report covers a wide range of operational details, including workforce metrics, supply chain assessments, and human rights commitments. AMLI, which is a material subsidiary of MFSL, has a significant operation footprint in Gurugram.

Key areas of focus detailed in the BRSR include:

• Workforce Management: AMLI reported 28,159 total employees, with 7,564 being female employees, maintaining a gender diversity ratio for "Employees other than Board and KMP" at 28.78%.
• Risk Mitigation: The companies maintain robust mechanisms to prevent adverse consequences in harassment or discrimination cases, including the availability of an internal ombudsman platform.
• Supplier Assessment: The entities conducted assessments on value chain partners that constituted the top 2% of sales and purchases for ESG factors.

The following table summarizes select key performance indicators (KPIs) as reported:

Environmental and Resource Management​

The companies have implemented numerous initiatives to reduce their ecological footprint:

• Green Energy: Initiatives include the installation of a 25 KW solar panel system, which reduces CO₂ emissions by approximately 24 tonnes per year. Additionally, the shift to green tariff power has reportedly reduced CO₂ emissions by approximately 57.42 tonnes per month.
• Resource Efficiency: The companies introduced RO water machines in place of bottled water and implemented smart plumbing systems (STP and sensor-based taps), saving approximately 2,663 KL of water in FY 2025-26.
• Waste Management: E-waste generated was reported at 16.148 MT for AMLI in FY 2024-25, while other non-hazardous waste stood at 32.699 MT. The companies also mandated the use of biodegradable and non-toxic cleaning chemicals across their offices.

Financial and Operational Integrity​

Both MFSL and AMLI detailed financial controls related to openness of business:

• Related Party Transactions (RPTs): For FY 2025-26, AMLI reported Sales to related parties as 1.54% of total sales, while MFSL reported 100% of its sales to related parties.
• Working Capital: The average number of days of accounts payable stood at 69.11 for MFSL and 78.07 for AMLI in FY 2025-26.

Independent Assurance Statement​

TÜV SÜD South Asia Pvt. Ltd. was engaged to provide independent Reasonable Assurance on the BRSR core indicators of both entities for the financial year ended March 31, 2026. The assurance engagement followed ISAE 3000 (Revised) and ISAE 3410.

TÜV SÜD concluded that the sustainability disclosures meet the criteria of relevance, completeness, reliability, neutrality, and understandability. The report was found to be consistent with reporting criteria, and all data provided by the companies was verified as appropriate, concluding that the information is reliable and acceptable.