Max Financial Services Limited has filed a disclosure with stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, informing of multiple board-level decisions taken at its Board meeting held on May 12, 2026. The developments include a director resignation and a corresponding appointment, the extension of the term of its Manager (KMP), and the re-appointment of its Internal Auditors.

Board-Level Director Change

Mr. Mitsuru Yasuda (DIN: 08785791), who served as a Non-Executive Non-Independent Director on the Board of Max Financial Services Limited, resigned from his position with effect from the close of business hours on May 12, 2026. The resignation was attributed to internal personnel re-assignment and other professional commitments at Mitsui Sumitomo Insurance Company Ltd. ("MSI"), as stated in his resignation letter dated May 12, 2026. Mr. Yasuda confirmed that there is no other material reason for his resignation beyond what is stated in the said letter. Apart from Max Financial Services Limited, Mr. Yasuda does not hold any directorship in any other listed entity.

In his place, the Board approved the appointment of Mr. Toru Nakabayashi (DIN: 11703177) as an Additional Director in the capacity of a Non-Executive Non-Independent Director, effective May 13, 2026. Mr. Nakabayashi has been nominated by MSI in terms of the extant agreements executed with the Company, in place of Mr. Mitsuru Yasuda. He will hold office up to the date of the ensuing Annual General Meeting of the Company. The key details of the director change are summarised below:

Profile of Mr. Toru Nakabayashi

Mr. Toru Nakabayashi is a senior insurance executive with over 20 years of experience across Japan, Indonesia, and Malaysia, specialising in life and health insurance, corporate governance, risk management, and strategic business development. He currently serves as Head of Japan Desk & Strategic Business Development at Hong Leong Assurance Berhad, Malaysia, reporting directly to the CEO and serving on the Executive Committee, with extensive experience in shareholder relations, cross-border governance, and executive-level engagement within a listed life insurance group. He has also served as Chief Customer and Marketing Officer at PT MSIG Life Insurance Indonesia Tbk. and held senior leadership roles within the Mitsui Sumitomo Insurance Group, where he led overseas subsidiary governance, M&A analysis, bancassurance partnerships, and operational oversight. Max Financial Services Limited confirmed that Mr. Toru Nakabayashi is not debarred from holding the office of Director pursuant to any order of SEBI or any other regulatory authority.

KMP Term Extension and Internal Auditor Re-appointment

The Board also approved the extension of the term of Mr. V. Krishnan as the Manager (KMP) of the Company under the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations, for a further period of 2 (two) years with effect from July 1, 2026, subject to shareholder approval. Mr. V. Krishnan has been associated with the Max Group since 1992 and has over 34 years of experience in corporate regulatory and compliance matters, including joint ventures, fund raising, mergers & acquisitions, stakeholder management, business restructuring, and corporate law compliances. He has been serving as the Manager (KMP) of Max Financial Services Limited since July 1, 2023, and previously served as Company Secretary of the Company from July 2019. He is a Fellow Member of the Institute of Company Secretaries of India. In addition, the Board approved the re-appointment of M/s MGC & KNAV Global Risk Advisory LLP as Internal Auditors of the Company for the financial year 2026-27.

The key details of the KMP extension are as follows:

The Board meeting commenced at 1645 hrs and concluded at 1715 hrs on May 12, 2026. The disclosure was signed by Siddhi Suneja, Company Secretary & Compliance Officer of Max Financial Services Limited.

Max Financial Services Limited has informed stock exchanges that Willis Towers Watson Actuarial Advisory LLP (WTW) has issued an independent actuarial opinion on the embedded value results of Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited, which is a material subsidiary of the company. The disclosure was made on 12 May 2026 by Company Secretary and Compliance Officer Siddhi Suneja.

Embedded Value Results as at 31 March 2026

WTW was engaged by Axis Max Life Insurance Limited to review and provide an independent actuarial opinion on the embedded value results prepared by the company. The review covered two key financial metrics for the period ending 31 March 2026, as detailed below:

Scope of WTW's Review

The scope of WTW's engagement encompassed a comprehensive review of the embedded value results. The key areas covered included:

• A review of the methodology used to determine the embedded value results
• A review of the economic and operating assumptions used to determine the embedded value results
• A review of the results of Axis Max Life's calculation of the embedded value results
• A review of the computations undertaken within the liability cashflow projection models for products covered under the scope of the engagement

WTW's Actuarial Opinion

WTW concluded that the methodology and assumptions used to determine the embedded value results of Axis Max Life comply with the standards issued by the Institute of Actuaries of India within Actuarial Practice Standard 10, also referred to as the Indian Embedded Value Principles. Specifically, WTW confirmed the following key findings:

• The economic assumptions used are internally consistent and result in projected cash-flows being valued in line with the prices of similar cash-flows traded on the capital markets
• The operating assumptions have been set with appropriate regard to past, current, and expected future experience
• The Required Capital has been determined and projected on the basis of Axis Max Life's internal capital target of 170% for participating business and 180% for all other business of the Required Solvency Margin, assessed from a shareholders' perspective
• Allowance has been made for the Cost of Residual Non-Hedgeable Risks
• For participating business, the assumed bonus rates and allocation of profit between policyholders and shareholders are consistent with the projection assumptions, established company practice, and local market practice

Basis and Limitations of the Opinion

WTW also performed a review of the modelled calculations and a high-level review, commensurate to the reporting schedule, of the results of the calculations performed by Axis Max Life by evaluating aggregate cash-flows for each significant line of business. However, WTW noted that detailed checks of all processes involved were not undertaken. On the basis of this review, WTW stated that it is satisfied that the disclosed embedded value as at 31 March 2026 and the value of one year's new business written during the period 1 April 2025 to 31 March 2026 have been prepared, in all material aspects, in accordance with the intended methodology and assumptions reviewed by WTW.

WTW noted that in arriving at its conclusions, it relied on data and information provided by Axis Max Life. The opinion was made solely to Axis Max Life in accordance with the terms of WTW's engagement letter dated 16 September 2024. The opinion was signed by Vivek Jalan, FIAI, Partner, and Abhishek Chadha, FIAI, Partner, at WTW, and is dated 6 May 2026.