Max Financial Services
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Max Financial Services (MFSL) investor relations material

Max Financial Services Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary12 Feb, 2026

Executive summary

  • Insurance Act amendments increased FDI limit to 100% and enabled insurer-non-insurer mergers, with board approval to initiate Axis Max Life and MFSL amalgamation.

  • Individual adjusted first-year premium grew 20% YoY to Rs 6,396 crore, outpacing private industry growth and raising private market share to 9.8%.

  • Three-year CAGR of 21% outpaces private sector and industry, with Q3 retail APE up 30% and proprietary channels up 52%.

  • Consolidated profit after tax reached Rs 137 crore, with VNB up 30% YoY to Rs 1,633 crore and NBM at 23.6%.

  • 51 new partners added in nine months, with leadership in online protection and savings.

Financial highlights

  • Revenue (excluding investment income) reached Rs 24,625 crore, up 18% in nine months FY 2026; consolidated revenue including investment income up 8% to Rs 36,891 crore.

  • Gross written premiums up 18% to Rs 25,195 crore; renewal premium up 17% to Rs 15,591 crore.

  • Consolidated profit after tax for nine months was Rs 137 crore, lower due to fair value and GST impacts.

  • Embedded Value at Rs 28,110 crore, up 16% YoY; annualized operating ROEV at 16.9%.

  • Assets under management reached Rs 1.92 lakh crore, up 12%.

Outlook and guidance

  • Confident in sustaining growth momentum, with potential upward revision to sales guidance.

  • NBMs expected to land in the 24%-25% range for FY 2026, with most GST impact mitigated.

  • Focus on maintaining 300-500 basis points faster growth than industry over the long term.

  • Digital transformation and AI integration to enhance efficiency and customer experience.

  • Persistency and customer NPS targeted for further improvement.

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