Max Financial Services: H1 FY27 Revenue Up 16% to ₹17,484 Cr; VNB Grows 21%
Max Financial Services Limited reported H1 FY'27 consolidated revenue of ₹17,484 crores (up 16% YoY). Axis Max Life's VNB grew 21.1% to ₹1,180 crores, with Individual Adjusted First Year Premium up 12% to ₹4,368 crores. Gross Written Premium rose 17% to ₹18,066 crores. AUM reached ₹2.06 lakh crores.
The announcement details significant financial growth and operational improvements for Max Financial Services and its subsidiary Axis Max Life, which are material to investors and stakeholders.
The company reported strong year-on-year growth in revenue, VNB, and Gross Written Premium, along with improvements in VNB margins and AUM, indicating a positive financial performance.
Max Financial Services Limited (MFSL) reported a 16% year-on-year growth in consolidated revenue, excluding investment income, reaching ₹17,484 crores for the first half of fiscal year 2027 (H1 FY'27). Including investment income, consolidated revenue stood at ₹26,582 crores, a 17% increase, with consolidated Profit After Tax (PAT) rising by 137% to ₹219 crores.
The company's subsidiary, Axis Max Life Insurance Limited, achieved an Individual Adjusted First Year Premium of ₹4,368 crores, marking a 12% YoY growth, and maintained a private market share of 10.1%. The Value of New Business (VNB) for H1 FY'27 grew by 21.1% YoY to ₹1,180 crores, with the VNB margin improving by 210 basis points to 25.4%. The company also saw a 130% YoY growth in its annuity business during Q2 FY'27.
Axis Max Life's Gross Written Premium increased by 17% to ₹18,066 crores in H1 FY'27, driven by a 18% YoY growth in renewal premium to ₹11,247 crores. Assets Under Management (AUM) stood at ₹2.06 lakh crores as of September 30, 2026, an 11% increase from the previous year. The Embedded Value grew by 17% to ₹31,437 crores, with an Operating RoEV of 17.3%.
Sumit Madan, Managing Director & CEO of Axis Max Life, highlighted the performance reflecting strong distribution, disciplined execution, and customer-centric growth. He also commented on the IRDAI's efforts to evolve the distribution framework, emphasizing a balanced approach to strengthen trust and accelerate sector growth.
Amrit Singh, Chief Financial Officer at Axis Max Life, noted the robust growth in Individual Adjusted First Year Premium and renewal premium, contributing to the 17% increase in Gross Written Premium. The improved product mix led to a higher VNB Margin and supported the 21% growth in VNB.
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