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.

Max Financial Services has notified the BSE Limited and the National Stock Exchange of India Limited that its earnings call for the quarter ended March 31, 2026, will not be held as previously announced. The update was filed on May 10, 2026, under Regulation 30, Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Earnings Call Cancellation Details

The company had earlier issued an intimation dated May 04, 2026, regarding the Q4 FY26 earnings call. The call had been scheduled for Wednesday, May 13, 2026, at 9.00 a.m. (IST). The latest communication confirms that this event will not proceed as indicated.

Key details of the cancellation are summarised below:

Company's Commitment to Disclosure

Max Financial Services has affirmed its commitment to fair and transparent communication with investors and analysts. The company stated that it will continue to follow due disclosure processes for further investor and analyst engagement, in accordance with applicable regulatory requirements.

The regulatory filing was signed by Siddhi Suneja, Company Secretary and Compliance Officer, on May 10, 2026.