Max Financial Services reported a 21% year-on-year increase in the value of new business (VNB) at its insurance subsidiary, Axis Max Life Insurance, to ₹1,180 crore in the first half of FY27. The VNB margin expanded 210 basis points to 25.4%.
Axis Max Life’s individual adjusted first-year premium rose 12% year-on-year to ₹4,368 crore in H1 FY27, while its private market share stood at 10.1%.
The insurer’s renewal premium increased 18% to ₹11,247 crore, while gross written premium rose 17% to ₹18,066 crore during the first half.
Pure retail protection business grew 37% year-on-year, while annuity business increased 130% in the second quarter of FY27. The company attributed the improvement in VNB margin to a better product mix and continued momentum in its protection and retirement segments.
Axis Max Life’s embedded value stood at ₹31,437 crore as of September 30, 2026, up 17% year-on-year. Its annualised operating return on embedded value (RoEV) improved by 100 basis points to 17.3% in H1 FY27.
During the quarter, the insurer launched the Smart Retirement Income with Sustained Earnings Plan (SMART RISE), which combines lifelong income with a market-linked variable annuity option.
At the parent level, Max Financial Services reported total annualised premium equivalent (APE) of ₹2,716 crore in Q2 FY27, compared with ₹2,507 crore in the year-ago quarter. VNB stood at ₹734 crore, against ₹639 crore a year earlier.
For the first half, Max Financial Services reported consolidated profit after tax of ₹219 crore. Consolidated revenue excluding investment income rose 16% year-on-year to ₹17,484 crore, while revenue including investment income increased 17% to ₹26,582 crore.
Axis Max Life managing director and CEO Sumit Madan said the first-half performance reflected the strength of the company’s distribution network, disciplined execution and focus on customer-centric growth.
Madan also welcomed the Insurance Regulatory and Development Authority of India’s efforts to evolve the distribution framework, saying a focus on simpler distribution economics, stronger persistency, better alignment of commissions and expenses, and enhanced policyholder protection was a step in the right direction.
Chief financial officer Amrit Singh said the improvement in product mix lifted the VNB margin to 25.4% and supported growth in VNB. He also highlighted the increase in individual adjusted first-year premium and renewal premium during the first half.
Shares of Max Financial Services closed at ₹1,231.30 on October 27, up 0.71%, or ₹8.80, ahead of the earnings announcement.
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