Max Financial Services H1FY27 Revenue Grows 16% to ₹17,484 Cr; PAT Up 137%
Max Financial Services reported H1 FY27 consolidated revenue of ₹26,582 Cr, up 17%. PAT grew 137% to ₹219 Cr. Axis Max Life's VNB rose 21% to ₹1,180 Cr with NBM at 25.4%. Individual APE grew 11% to ₹4,638 Cr. Solvency ratio stood at 197%.
The announcement details strong financial performance and growth across key business segments, including revenue, profit, and new business volumes. This detailed financial update is highly material for investors and significantly impacts the company's valuation and outlook.
The company reported significant year-on-year growth in revenue, profit after tax, and key financial metrics like Value of New Business and New Business Margin. Improved persistency ratios and strong performance across distribution channels further contribute to the positive sentiment.
Max Financial Services Limited (MFSL) announced its financial results for the first half of FY27, reporting a consolidated revenue of ₹26,582 crore, an increase of 17% compared to the previous year. Excluding investment income, the revenue stood at ₹17,484 crore, marking a 16% growth. The company's consolidated Profit After Tax (PAT) surged by 137% to ₹219 crore.
Axis Max Life Insurance, a key subsidiary, reported significant growth across various metrics. Individual Adjusted First Year Premium (FYP) grew by 12% to ₹4,368 crore, with a 3-year CAGR of 20%. Total Annualised Premium Equivalent (APE) increased by 11% to ₹4,638 crore, boasting a 3-year CAGR of 19%. Renewal premium saw a substantial rise of 18%, driven by improved persistency rates across later cohorts (37M, 49M, and 61M).
The Value of New Business (VNB) for H1 FY27 grew by 21% year-on-year to ₹1,180 crore, with a New Business Margin (NBM) of 25.4%. In Q2 FY27, VNB grew by 15% to ₹734 crore, and NBM stood at 27.0%. The operating Return on Embedded Value (RoEV) for H1 FY27 was 17.3%, and the Embedded Value (EV) as of September 2026 was ₹31,437 crore. The solvency ratio was reported at 197% as of September 2026, supported by a debt raise of ₹686 crore.
Distribution channels showed robust performance. Proprietary channels' APE grew by 12% in H1 FY27, with online proprietary channels seeing a strong 28% growth. The Axis channel grew by 8%, and other partnerships grew by 21%, contributing to an 11% growth in the Partnership channel APE. The company maintained its leadership in overall e-commerce and onboarded 15 new partners during the period.
Segments of choice performed well, with Overall Retail Protection & Health APE growing by 27% to ₹685 crore, driven by a 37% growth in Pure Protection. Annuity APE experienced remarkable growth, increasing by 125% to ₹772 crore in H1 FY27. The company maintained its Rank 3 position in Individual Sum Assured with 18% growth. The GIFT City business is also scaling rapidly, contributing over 5% of ULIP APE.
Axis Max Life received several accolades, including being recognized among India's Best Workplaces for Women and receiving the 'India's Best Bancassurance Partnership' award. MFSL's ESG rating by CRISIL improved to 70 in FY26. Product innovation included the launch of the Smart Retirement Income with Sustained Earnings Plan and the relaunch of the Smart Term Plan Plus.
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Max Financial Services Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Max Financial Services Limited. Read the original for the full detail.