Max Financial Services Limited has unveiled an ambitious growth strategy, setting its sights on achieving ₹1,000 crore in annual profit and consolidated assets under management (AUM) of ₹1.6 lakh crore by the fiscal year 2027. The company's plan focuses on key areas of expansion and product development in the insurance sector.

Strategic Focus Areas

The company's growth strategy centers around four main pillars:

1. Protection Products: Max Financial aims to strengthen its position in the protection segment, which typically offers higher margins.

2. Non-Participating Policies: There will be an increased emphasis on non-participating policies, which do not share in the company's profits but often provide more predictable returns for the insurer.

3. Digital-Led Bancassurance: The company plans to leverage digital technologies to enhance its bancassurance channel, potentially increasing efficiency and reach.

4. Axis Partnership: Max Financial intends to capitalize on its partnership with Axis Bank, which could provide a significant boost to distribution capabilities.

Financial Performance

The company's Q1 FY26 results reflect positive momentum towards these goals:

• Individual Adjusted First Year Premium grew by 23% year-on-year to ₹1,553.00 crores.
• Gross Written Premium increased by 18% to ₹6,397.00 crores.
• Value of New Business (VNB), a measure of profitability, rose by 32% to ₹335.00 crores.
• New Business Margin improved by 260 basis points to 20.10%.
• Assets Under Management (AUM) reached ₹1,83,211.00 crores, up by 14%.

Market Position

Max Financial has made significant strides in market share:

• Private industry market share increased by 121 basis points to 10.00%.
• Maintained Rank 3 in Individual Sum Assured with a growth of 26%.

Product and Channel Performance

• Retail Protection and Health APE grew by 36% to ₹218.00 crores.
• Annuity APE increased by 40% to ₹114.00 crores.
• Proprietary channels saw an 11% growth in APE, driven by an 18% increase in offline proprietary business.

Digital Initiatives

Max Financial is also focusing on digital transformation:

• Launched the "Axis Max Life app", a comprehensive digital solution for customers.
• The app aims to simplify life insurance management, promote holistic wellness, and enhance overall customer experience.

Customer-Centric Approach

The company continues to prioritize customer satisfaction:

• Maintained a leading position in the life insurance industry with a claims paid ratio of 99.70%.

As Max Financial Services Limited pursues its ambitious targets for FY27, the company's multi-faceted strategy, focusing on product innovation, digital transformation, and strategic partnerships, appears to be gaining traction. The strong Q1 FY26 performance provides a solid foundation for the company's growth trajectory in the coming years.

Max Financial Services Limited (MFSL) has reported a mixed financial performance for the first quarter. While the company saw an increase in revenue, its consolidated net profit declined significantly compared to the same period last year.

Financial Highlights

• MFSL revenue excluding investment income reached Rs 6,194.00 crore, growing 18% during the period.
• Consolidated Profit After Tax stood at Rs 86.00 crore, down from Rs 130.00 crore in the corresponding quarter of the previous year.
• Consolidated revenue increased by 8.7% to Rs 128.20 billion, up from Rs 117.90 billion in the same period last year.

Segment Performance

The company's life insurance segment, operated through its subsidiary Axis Max Life Insurance Limited (AMLI), showed strong growth:

• Individual Adjusted First Year Premium grew by 23% year-on-year to Rs 1,553.00 crore.
• Gross Written Premium increased by 18% to Rs 6,397.00 crore.
• Value of New Business (VNB) rose by 32% to Rs 335.00 crore.
• New Business Margin improved to 20.1%, up from 17.5% in the corresponding quarter.

Market Share and Distribution Strength

AMLI reported gains in market share and distribution capabilities:

• Private market share expanded by 121 basis points to 10.0%, up from 8.8% in the previous year period.
• The company successfully onboarded 15 new distribution partners during the quarter.
• Maintained leadership position in overall e-commerce with rank #1 in online protection and online savings.

Product Mix and Innovation

The company focused on high-margin products and innovation:

• Retail Protection and Health APE grew by 36% to Rs 218.00 crore.
• Annuity APE increased by 40% to Rs 114.00 crore.

Asset Under Management and Solvency

• Assets Under Management (AUM) grew by 14% to Rs 1,83,211.00 crore.
• Solvency ratio stood at 199%, well above the regulatory requirement.

Corporate Developments

The company also announced several corporate changes:

1. Plans to shift its registered office from Punjab to Haryana, subject to necessary approvals.
2. Appointment of M/s. Sanjay Grover and Associates as Secretarial Auditors for a period of 5 years, effective April 1, 2025.
3. Acceptance of the resignation of Mr. Piyush Soni, Company Secretary and Compliance Officer, effective September 30, 2025.

While Max Financial Services faces challenges in overall profitability, its life insurance business continues to show strong growth across key metrics. The company's focus on product innovation, digital initiatives, and expanding distribution channels appears to be yielding positive results in terms of premium growth and market share gains.