Shares of Max Financial Services ticked up 0.71% to ₹1,231.30 on October 27, ahead of the earnings announcement, reflecting market optimism around the insurer’s top‑line lift.
Axis Max Life’s VNB in the first half of FY27 climbed 21% YoY to ₹1,180 cr, while the VNB margin expanded 210 basis points to 25.4%, surpassing the sector‑average margin of roughly 23% and beating the 20.5% analyst consensus. Individual adjusted first‑year premium rose 12% YoY to ₹4,368 cr, and renewal premium grew 18% to ₹11,247 cr, contributing to a 17% jump in gross written premium to ₹18,066 cr.
The insurer’s pure retail protection business recorded a 37% year‑on‑year growth, and its annuity subsector doubled, posting a 130% increase in the second quarter of FY27. A better product mix and sustained momentum in protection and retirement segments underpinned the improved VNB margin, CFO Amrit Singh noted in the filing.
At the parent level, Max Financial Services reported total annualised premium equivalent of ₹2,716 cr in Q2 FY27, up 8.3% YoY from ₹2,507 cr. Consolidated profit after tax for the first half amounted to ₹219 cr, while consolidated revenue excluding investment income rose 16% YoY to ₹17,484 cr, and including investment income, to ₹26,582 cr.
Managing Director and CEO Sumit Madan highlighted the strength of the distribution network and disciplined execution, adding that the Insurance Regulatory and Development Authority of India’s recent reforms in distribution economics would further support the insurer’s growth. The company also launched its Smart Retirement Income with Sustained Earnings Plan, a market‑linked variable annuity designed to capture the aging demographic’s demand for lifelong income.
Looking ahead, Axis Max Life has not issued a revised guidance for FY27 yet, but the company’s embedded value stood at ₹31,437 cr as of September 30, 2026, up 17% YoY, and the annualised operating return on embedded value improved by 100 basis points to 17.3% in H1 FY27, indicating a solid runway for future profitability.