Max Financial Services Ltd(MFSL)

NSE: MFSLBSE: 500271

₹ 1,213.7-0.84%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 41,887 crNext results: 27 Oct 2026Website: www.maxfinancialservices.comUpdated: 24 Oct 2026

About

Max Financial Services Ltd is the holding company for Axis Max Life Insurance, one of India's leading private life insurers, offering savings, protection, health, annuity and group credit life products. In FY26, Axis Max Life reported gross written premium of Rs 38,877 cr and total APE of Rs 10,502 cr, with AUM crossing Rs 2,02,621 cr as of June 2026. The company held a 10.1% private market share by individual adjusted FYP in Q1 FY27, with an embedded value of Rs 30,415 cr.^[1][2]

Key operating metrics

VNB was Rs 446 cr in Q1 FY27 (+33% YoY), with VNB margin expanding 310 bps to 23.2% from 20.1% in Q1 FY26; full-year FY26 VNB was Rs 2,647 cr (+26% YoY) at a margin of 25.2%.^[2][1]
Embedded Value reached Rs 30,415 cr in Q1 FY27 (+15% YoY); operating RoEV was 14.9% in Q1 FY27 (+60 bps YoY) vs 18.7% for full FY26.^[2][1]
Total APE was Rs 1,922 cr in Q1 FY27 (+15% YoY); full-year FY26 APE (excl. Group Term Life) was Rs 10,502 cr (+20% YoY).^[2][1]
Solvency ratio stood at 198% in Q1 FY27, up from 194% at FY26 year-end, following Axis Bank's equity infusion of Rs 381 cr; regulatory minimum is 150%.^[2][1]
13th-month persistency (premium basis) was 83% in Q1 FY27; 61st-month persistency improved 5 percentage points YoY to 59% in Q1 FY27.^[2]
Gross Written Premium was Rs 10,610 cr in Q1 FY27 (+19% YoY); full-year FY26 GWP was Rs 38,877 cr (+17% YoY), with renewal premium at Rs 24,374 cr (+16% YoY).^[2][1]

Product mix

Annuity APE surged 116% to Rs 246 cr in Q1 FY27 and 113% to Rs 1,050 cr in FY26; retail protection and health APE grew 44% to Rs 314 cr in Q1 FY27 and 53% to Rs 1,373 cr in FY26.^[2][1]
ULIP APE was broadly flat at Rs 3,898 cr in FY26 (vs Rs 3,829 cr in FY25), compressing ULIP's share of total APE from ~44% to ~37% as annuity and protection grew faster.^[1]
Group Credit Life segment delivered 57% APE growth in Q1 FY27; 45% of GCL business was sourced from partners added in the last three years, with 10 new partners onboarded in Q1 FY27.^[2]
Smart RISE variable annuity product launched and cited as a driver of the 116% annuity APE growth in Q1 FY27.^[2]

Distribution and channels

Axis Bank channel APE was Rs 4,481 cr in FY26 (vs Rs 4,143 cr in FY25), implying ~8% growth, below the guided 13 - 15%; Axis Bank increased its stake in Axis Max Life to 19.99% in Q1 FY27.^[1][2]
Proprietary channel APE grew 28% YoY to Rs 4,765 cr in FY26 (offline: Rs 3,329 cr +26%; online: Rs 1,436 cr +32%), raising proprietary share of mix to 45%.^[1]
Online proprietary APE grew 27% in Q1 FY27; share of online sales outside the largest web aggregator rose from 38% in Q1 FY26 to 45% in Q1 FY27.^[2]
New banca and broking partnerships contributed >5% of individual APE in FY26 with 90% YoY growth; in Q3 FY26, new bank channel grew 103% YoY and 51 new partners were added in 9M FY26.^[1][3]
Agent force expanded from ~61,000 in FY22 to ~1.42 lakh as of H1 FY26, alongside 150 new branch units added over three years.^[4]

AUM and investment portfolio

AUM crossed Rs 2 lakh crore, closing at Rs 2,02,621 cr as of June 30, 2026 (+11% YoY); FY26 year-end AUM was Rs 1,89,795 cr (+8% YoY).^[2][1]
More than 95% of the debt investment portfolio is held in sovereign and AAA-rated securities as of FY26.^[1]

Operating efficiency

Policyholder operating expense as a percentage of GWP improved 185 bps YoY to 16% in Q1 FY27, with opex growing only 7% despite 19% GWP growth.^[2]
In 9M FY26, policyholder opex to GWP rose 90 bps to 15.8%, partly due to Rs 295 cr GST disallowance and Rs 60 cr one-time gratuity provision; adjusted for these one-offs, opex grew 14%.^[3]
mSpace digital distribution platform scaled to all proprietary channels and Axis Bank with ~90% adoption as of H1 FY26; ConversePro handles 30% of customer email volume with 20% headcount reduction.^[4]

Market position

Private market share by individual adjusted FYP was 10.1% in Q1 FY27 (+13 bps YoY); FY26 share was 10.4% (+56 bps from 9.8% in FY25).^[2][1]
Individual adjusted FYP 2-year CAGR was 20% in Q1 FY27 vs private industry CAGR of 12%; FY26 growth was 19% vs private industry 12%.^[2][1]
NRI segment accounted for ~12% of individual APE as of Q3 FY26; GIFT City office received regulatory approvals (SEZ, IRDAI NOC, provisional IFSCA) to serve as an NRI hub.^[3][4]

Corporate structure and recent developments

Axis Bank completed acquisition of an additional 0.98% stake in Axis Max Life through an equity infusion of Rs 381 cr in Q1 FY27, raising its shareholding to 19.99%; Axis Bank is evaluating a further increase up to 30%.^[2]
Both MFSL and Axis Max Life boards gave in-principle approval in Q3 FY26 to initiate amalgamation of Axis Max Life into MFSL under amended Section 35 of the Insurance Act (Sabka Bima Sabka Raksha Act 2025); reverse merger scheme to be filed after IRDAI regulatory framework is issued.^[3][2]
Axis Max Life raised Rs 800 cr sub-debt in Q2 FY26 with IFC as strategic partner; subordinated debt to be re-raised after call redemption, with solvency expected to remain above the ~180% internal threshold for at least 2 - 3 quarters.^[4][2]

Market Cap

₹41,887 Cr

High / Low

₹1,891 / 1,263

Stock P/E

378.4

Price / Book

8.4

Book Value

₹153

EPS

₹2.4

No. of Shares

34.51 Cr

ROE

1.6%

Net Profit

₹106 Cr

Promoter holding

1.3%

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Max Financial Services Ltd(MFSL)

About

Key operating metrics

Product mix

Distribution and channels

AUM and investment portfolio

Operating efficiency

Market position

Corporate structure and recent developments

Signal history

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