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^Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025 | *As per public disclosure for H1 FY 2024 - 2025 Max Financial Performance Update Investor Release H1 FY’26 November 11, 2025
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Max Financial Services and Axis Max Life Insurance H1 FY’26 Key Highlights SECTION I
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Key highlights of Max Financial Services and Axis Max Life Insurance for H1 FY’26 Note: *MFSL Consolidated Revenue including investment income at Rs 22,624 Cr, Up 10% in H1 FY’26; All other numbers above are for Max Life Insurance; #Excluding Group Term Life; ##Company Estimates Revenue ▪ Individual Adjusted first year Premium at Rs 3,891 cr grew by 18% vs Private industry growth of 8% during H1 FY’26. ▪ Private Market share at 10.1% during H1 FY’26 expanded by 83 bps from 9.3% during H1 FY’25. ▪ Total APE# also grew by 15% driven by robust NOP growth of 10%. ▪ MFSL revenue* excluding investment income at Rs 15,090 cr, grows 18% in H1 FY’26. Consolidated Profit After Tax at Rs 92 cr. Value creation ▪ H1 FY’26 VNB at 974 cr grew by 27% yoy and NBM at 23.3 % vs Q2 FY’25 VNB at 640 cr grew by 25% yoy and NBM at 25.5%. ▪ H1 FY’26 operating RoEV is at 16.3% and MCEV as of Sept’25 at Rs 26,895 cr. Raised 800 Cr Sub-debt, strengthening solvency ratio to 208% as of Sep’25. Corporate name & Brand Refresh Distribution strength ▪ Proprietary channels APE grew by 17% on YoY basis driven by strong growth momentum from offline proprietary. ▪ Total Partnership grew by 13% on YoY basis during H1 FY’26 driven by scale up of new Partnership. ▪ Maintained leadership position## at Overall E-commerce with Rank #1 at online Protection & online Savings. ▪ Successfully on-boarded 31 new partners during H1 FY’26, i.e., 15 Group partners and 16 Retail Partners. Segments of Choice ▪ Retail Protection and Health APE grew by 36% to 540 cr during H1 FY’26 vs 396 cr during H1 FY’25, Rider APE grew by 80%. ▪ Annuity APE grew by 85% to 343 cr during H1 FY’26 vs 185 cr during H1 FY’25. In Q2 FY’26 it grew by 122% to 229 cr from 103 cr in PY ▪ Group Credit Life grew by 24% in Q2 FY’26 leading to a growth of 14% in H1 FY’26. ▪ Maintained Rank 3 in Individual Sum Assured with a growth of 25% during H1 FY’26. Customer Focus ▪ Continued leadership position in 13M Persistency at NOP basis and rank #2 in both 25M and 37M persistency, underscoring consistent performance across long-term customer retention metrics. ▪ “Smart Term Plan Plus” was recognized as the Product of the Year 2025 showcasing excellence in Innovation and customer value ▪ Axis Max Life’s Customer App onboarded 21% new to our digital ecosystem customers. Rated 4.7 on iOS and 4.8 on Android. ▪ Launched the Group Smart Health Insurance Plan, a comprehensive fixed-benefit health solution, that offers the benefit to choose from multiple benefit options ▪ Introduced short Premium Payment Term options in our flagship annuity product “SWAG Pension plan” Product Innovation 3
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Axis Max Life Insurance’s financial performance summary for H1 FY’26 Note:Figures in [brackets] are for previous year numbers. Totals may not match due to rounding **Group protection (incl. Group INR credit life adjusted for 10% for single premium and term business); 1Excluding Group Term Life; 2PH Opex to GWP = ( Opex + Provision for doubtful debts )/Gross written premium, 3Opex is inclusive of GST on Commissions and expenses Total APE1 Rs 4,175 cr [Rs 3,623 cr] Ind Adjusted FYP Rs 3,891 [Rs 3,309 cr] Gross Written Premium Rs 15,490 cr [Rs 13,137 cr] Renewal Premium Rs 9,503 cr [Rs 8,046 cr] AUM Rs 1,85,336 cr [Rs 1,70,144 cr] Profit Before tax Rs 172 cr [Rs 267 cr] Net Worth Rs 6,294 cr [Rs 5,961 cr] Policyholder Opex to GWP Ratio2,3 15.5% [16.5%] New business margin 23.3% [21.2%] Operating RoEV 16.3% [16.8%] Embedded Value 26,895 cr [23,338 cr] Solvency 208% [198%] Value of New Business 974 cr [766 cr] Policies Sold (‘000) 391 [356] Ind. New business Sum assured 2,15,673 cr [1,72,338 cr] Protection Mix** 18% 27% 220 bps -35% 18% -100 bps Individual Group T otal 12% [10%] 7% [7%] 20% [17%] 15% 15% 25% 6% 10% -50 bps 9% 18% 4
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Axis Max Life Insurance- Business Overview and Financial Update SECTION II
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Key Highlights for Axis Max Life FY20-25 (1/2) Consistent Growth 5-Yr CAGR of 15% on Individual new business vs 10% for Total life insurance industry1 Asset Under Management at INR 1.7 lakh cr, CAGR of 21% over last 5 years Consistent leadership2 position in online protection & Savings 5-Yr APE CAGR of 24% in Prop channels Retail Protection APE more than doubled in last 5 years Value Creation VNB CAGR of 19% in 5 years Market Cap3 5 year CAGR is 24% 5-Yr APE CAGR of 11% in Banca Channel 5-Yr EV4 CAGR of 20% 1 Source: 1 Individual Adjusted FYP; 2Company estimates; 3CAGR of MFSL’s Market cap; 4Represents cumulative annualized operating ROEV 6
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Key Highlights for Axis Max Life FY20-25 (2/2) Note: 1. Includes CVP & above ; 2. Net promoter Score (NPS) as a measure of customer experience was adopted by Max Life in FY19 do ne by Kantar, TNPS: Transaction NPS; 3 As per syndicated Life Insurance brand track study by Kantar , 4. for being among top 100 great places to work for a decade Employee Customer Great Places to Work rank #28 in FY25 Among the Top 25 in BFSI organisations Experienced leadership1 with half of the leadership’s tenure with Axis Max Life of a decade or more Industry leader in Claims paid ratio at 99.70% in FY25 Rank #2 third time in customer experience for 3rd consecutive year as per Hansa research Brand Highest Share of Voice in the industry in FY25 with 42% share Brand Consideration score3 improved by 7% in FY25 Vs FY24 Company NPS2 at 62 and TNPS at 78 in FY’25 Accorded the Laureate4 honor by Great Places to Work in FY’24 Maintained rank #3 in Brand Search Query in the industry 7
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Continue to post industry leading growth in Q2 FY’26 fueled by strong growth in proprietary channels Note: Numbers may not add up sue to rounding off; 1Among private Life insurance companies, 2Health segment represents sales from SEWA; 3Retail protection includes riders except for Par riders; 4including group business; Industry leading outcomes Secular Growth Industry beating growth1 in Q2 1% 8% 14% Total Industry Pvt Industry AMLI Q2 Market share1 10.2% Up 58 bps Q2 Individual Adjusted FYP YOY Growth YOY Growth 14% 1% 8% 14% 16% 13% July Aug Sept Pvt AMLI Retail Protection3 & Health2 APE Annuity APE4 Rs Cr 235 322 Q2 FY'25 Q2 FY'26 YOY Growth Segments of choice 103 229 Q2 FY'25 Q2 FY'26 YoY g% Rs Cr Partnership APE 31% 6% 8 1,020 1,081 Axis Q2 FY'24 Q2 FY'25 210 275 Other Proprietary APE Rs cr 645 296 815 336 Offline Online Q2 FY'25 Q2 FY'26 26% 14%
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Axis Max Life has delivered strong performance across business segments Individual Sum Assured of New business- Rank2 3 in individual sum assured Renewal Income – Delivering consistent growth Gross Written Premium – 18% growth in H1 FY’26 New Business Premiums (on APE1 basis) Amount in INR cr Amount in INR cr Amount in INR cr 7,433 8,770 FY'24 FY'25 29,529 33,223 FY'24 FY'25 2,92,258 3,83,670 FY'24 FY'25 18,506 21,049 FY'24 FY'25 3,623 4,175 H1 FY25 H1 FY26 8,046 9,503 H1 FY25 H1 FY26 1,72,338 2,15,763 H1 FY25 H1 FY26 13,137 15,490 H1 FY25 H1 FY26 Amount in INR cr Note: 1 Total APE excluding Group Term Life; 2 Among Private Life Insurance Companies 9
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Healthy growth in Value of new business growth supported by a balanced product mix strategy Product Mix : Focus on driving Balanced Product mix 18% 15% 11% 12% 6% 5% 5% 8% 28% 23% 24% 26% 9% 10% 10% 12% 5% 5% 7% 7% 35% 42% 42% 34% FY'24 FY'25 H1 FY25 H1 FY26 PAR Annuity NPAR Savings Protection & Health GROUP ULIP 14% 17% 20% Note: Numbers may not add up to 100% due to rounding off, Product mix is based on APE which includes Group protection (Group credit life adjusted for 10% for single premium and term business), VNB doesn’t account for GTL; #Amounts in INR cr,; 2Retail protection includes riders except for Par riders Line of Business# H1 FY’25 H1 FY’26 Growth Par 435 532 22% Annuity 185 343 85% NPAR Savings 921 1,165 26% Protection2 & Health 396 540 36% Group Credit Life 56 64 14% Group Term Life 217 266 22% ULIP 1,630 1,532 -6% Value of New Business: Driven by higher protection & Non-Par Savings mix 513 640 Q2 FY25 Q2 FY26 Amount in INR Cr NBM 766 974 H1 FY25 H1 FY26 21.2 % 23.3%23.6% 25.5% 15% 10
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Efficient capital management with profitable growth PH Opex to GWP1: Investing towards building distribution Underwriting Profits 150% Solvency Limit -1,603 -2,117 -1,012 -1,248 1,627 2,076 1,026 1,070 336 447 216 327 FY'24 FY'25 H1 FY25 H1 FY26 NB Strain Backbook Surplus SH Surplus Solvency Ratio (Pre-dividend): Aided by debt raise of 800 cr during Q2 FY’26 Amount in INR cr 13.8% 13.6% 16.5% 15.5% FY'24 FY'25 H1 FY25 H1 FY26 172% 201% 198% 208% FY'24 FY'25 H1 FY25 H1 FY26 Operating RoEV 20.2% 19.1% 16.8% 16.3% FY'24 FY'25 H1 FY25 H1 FY26 Note: 1Policyholder Opex to GWP = ( Opex + Provision for doubtful debts )/Gross written premium; 2PH Opex is inclusive of GST on commissions and expenses 11
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EV movement analysis: March 2025 to September 2025 12Note: Numbers may not add up due to rounding off Operating RoEV: 16.3% NAV 6,173 NAV 6,547 NAV 6,261 VIF 19,019 VIF 20,615 VIF 20,633 974 993 13 -9 -268 Opening EV Value of New Business Unwind Operating variance Non-Operating Variance Closing EV (Excluding GST Impact) GST Impact Closing EV 26,895 25,192 27,163 Amount in INR cr
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Axis Max Life has consistently grown its Asset Under Management, reached INR 1.8 Lakh crore1 Assets Under Management - AMLI is the 4th largest2 manager of private LI AUMs and Largest Par fund2 More than 95% of debt investments is in sovereign papers and AAA rated securities Amount in INR 000’cr Linked: Healthy mix of Debt and Equity Controlled: Consistent mix of Debt and Equity 86% 88% 85% 88% 14% 12% 15% 12% FY'24 FY'25 H1 FY25 H1 FY26 Debt Equity 34% 31% 29% 27% 66% 69% 71% 73% FY'24 FY'25 H1 FY'25 H1 FY'26 Debt Equity Note: 1As of 30th Sept 2025, 2 Largest Par fund as of June-25 Public disclosures; 151 175 170 185 44 48 50 50 107 127 120 136 FY’24 FY’25 H1 FY’25 H1 FY’26 Linked Controlled 13
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Axis Max Life has been recognized by a number of Indian and foreign business bodies for its excellence in business, customer service and focus on people ▪ INR critics Special Mention Award for Best Banking and Financial Sector Campaign – ‘The Bharosa Blueprint’ - Fulcrum Awards ▪ Ranked #2 amongst India’s top Insurers in delivering Best In Class Customer Experience in the 4th edition of Hansa Research’s marquee CuES Report ▪ Won At The Martech Summit And Awards 2025 By Financial Express For Excellence In Insights / Data Analytics ▪ Clinched bronze for the ‘Most Innovative Use of AI’ at the Financial Express FU Tech Awards! ▪ Smart Term Plan Plus (STPP) Was Named The Product of The Year 2025 ▪ Won The Best Term Plan Award At Global Financial Planner’s Summit 2025 Business Excellence ▪ Ranked 28th in The 'Top 100 Best Companies To Work For’ In India In 2025 ▪ Ranked By GPTW Among ‘Top 50 India's Best Workplaces Building A Culture Of Innovation By All’ in 2025 ▪ Ranked Among The ‘Top 25 Best Workplaces In BFSI 2025’ by Great Place To Work Institute ▪ Among Top 50 India’s Best Places For Health And Wellness By The Great Place To Work Institute ▪ Received Gold At People Matters Infini-t Awards 2025 For HR Onboarding Course Bandhan Focus on People ▪ No. 2 in Customer Loyalty survey by Hansa Research ▪ Wins "Swift and Prompt Insurer" Award at ET Now Insurance Summit ▪ Received Environment Excellence Award, 2024 from the Indian Chamber of Commerce under the silver category amongst the service sector ▪ Won GOLD at Brandon Hall Group HCM Excellence Awards For Its L&D Intervention, VISHWAAS –Customer Obsession Journey ▪ Silver at the 14th ACEF Global Customer Engagement Awards for our 'What Women Want' Campaign With Radio Mirchi ▪ Most Innovative Customer Experience Initiative for Super Customer Week At India CX Summit & Awards 2026 ▪ Gold At The IPRCCA Awards for The ‘Double Bharosa’ Campaign ▪ Won ‘Excellence In Consumer Insights’ At ACEF Awards For Brand Refresh Leaders in Quality 14
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Axis Max Life Insurance: Business Strategy SECTION III
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Axis Max Life will continue to focus on its chosen strategic pillars with emphasis on long term imperatives A C DB DigitalProduct innovation to drive margins Predictable & Sustainable growth Digitization for efficiency and intelligence Customer centricity across the value chain ▪ Retail Protection & Health grew by 36% and Annuity grew by 85% driven by launch of newer limited pay variants; ▪ Launched the Axis Max Life Group Smart Health Insurance Plan, a comprehensive fixed-benefit health solution. ▪ Rider attachment at 37% for H1 FY26, Rider APE grew by 80% ▪ Proprietary channels grew by 17% driven by strong growth of 23% in offline proprietary ▪ Overall online LI market Rank #1** with continued leadership in Online Protection & Online Savings ▪ On-boarded & 15 Group partner and 16 retail partner. ▪ New partnerships contribute 5% of Individual APE with a yoy growth of 87% during H1 FY’26 ▪ Claim paid ratio at 99.70% at the end of FY25, best in the industry ▪ Persistency* improved by 500 bps in 25th month from 71% in H1 FY’25 to 76% H1 FY’26 ▪ Continued leadership position at 13th month NOP based persistency# at ~83% and Rank 2 in both 25th month & 37th month Persistency ▪ Overall NPS improved to 57 in H1 FY’26 vs 52 in FY’25 Progress achieved in H1 FY’26 ▪ Launched of Sales Navigator a comprehensive sales performance analytics platform with near real time sales numbers & incentive tracking ▪ Converse Pro – Automated Agentic AI customer email resolution system handling 30% email volumes ▪ Customer App: 21% new to our ecosystem customers onboarded. ▪ mSpace scaled as a unified digital platform: enhanced performance dashboards, nudges & notifications; achieving 85% adoption in Agency and 100% in Direct Sales Force ▪ Leader in Protection + Health & Wellness proposition ▪ Leader in Retirement ▪ Drive Non PAR saving ▪ Enhanced investment and mortality risk management ▪ Fastest growing profitable proprietary distribution ▪ Leader in Online Acquisition ▪ Inorganic Expansion ▪ Deepen Bancassurance partnerships ▪ Continue with digitization agenda across the organisation ▪ Build intelligence (AI) in all digital assets ▪ Improve position in 13M and 61M persistency ranking ▪ Highest Relationship Net Promoter Score (NPS) in the industry Aspirations Note: ^Growth numbers are on APE basis; *Persistency for Regular/Limited pay policies; **Company estimates; #Rank for NOP based persistency is based on Q1 FY’26 NOP based Persistency numbers 16
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Axis Max Life has focused on ensuring growth in both its Proprietary and Partnerships channels A Partnership Channels (APE) Proprietary Channels New Business (APE)*Channel Mix# –Scaling up of new partnerships Amount in INR cr Amount in INR cr 40% 42% 46% 47% 60% 58% 54% 53% FY'24 FY'25 H1 FY25 H1 FY26 Proprietary Partnership 2,957 3,723 FY'24 FY'25 4,475 5,047 FY'24 FY'25 1,657 1,947 H1 FY25 H1 FY26 1,966 2,228 H1 FY25 H1 FY26 Note: #Channel Mix on APE Basis *Proprietary channel sales include individual, and Group Annuity sold by direct team 17
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Axis Max Life has been augmenting its distribution capability by expanding both traditional and emerging ecosystems with 31 new partnerships in H1 FY’26 Ecosystems Key partners signed by Max Life A Group Retail 18 LAP GTL
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Product mix in proprietary and Partnerships channels aligned to customer needs Proprietary Product mix 18% 16% 13% 15% 10% 6% 6% 7% 27% 26% 26% 26% 17% 16% 17% 19% 28% 37% 37% 32% FY'24 FY'25 H1 FY25 H1 FY26 PAR Annuity NPAR Savings Protection & Health ULIP A 19% 15% 11% 11% 4% 6% 4% 10% 32% 23% 25% 30% 4% 6% 6% 7% 42% 50% 53% 42% FY’24 FY’25 H1 FY25 H1 FY26 PAR Annuity NPAR Savings Protection & Health ULIP Partnership Product Mix 19 Note: Mix on APE Basis
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Axis Max Life has been at the forefront of driving Products Innovation by creating first-in-industry propositions First Decade ▪ Break the endowments category clutter with Industry First Whole Life plan ▪ Provide liquidity & flexibility through First Cash & Premium Offset Bonus options ▪ First PAR Top Up option ▪ Enable Customer Obsession through First “Freelook Period”, became Regulation later ▪ INR created Universal Life product – Enable transparent customer participation in Debt market Teens Twenties ▪ Enabled transparent customer participation in Bonds with First Index-Linked Non PAR plan ▪ Hedged Guarantees with Derivatives ▪ Launched industry First COVID-19 Rider (diagnosis & death benefit) ▪ Differentiated Term plan with industry firsts (Special exit value, Premium holiday option) ▪ Strengthened PAR proposition (guarantees under early income variant) Launched new savings proposition Smart Fixed-return Digital Plan ▪ Ventured into health segment with Secure Earnings and Wellness Advantage ▪ Launched Smart term Plan Plus with 7 variants to better address customer needs ▪ Launched Smart Term with Additional Returns ULIP with High sum Assured multiple. ▪ Launched Smart Value Income & Benefit Enhancer Plan with flexibility to choose 1st year income. ▪ Launched Group Smart Health Insurance Plan, a comprehensive fixed-benefit health solution. ▪ Scaled “Monthly Income” category first on Non PAR and then on PAR platforms B 20
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Accelerating product innovation agenda through experiments and creating new customer segments High Sum Assured Multiple with market linked returns Flexibility to choose their first-year income level 7 plan variants to better address customer needs Option to receive return of premium on maturityIncome streams (Cash Bonus + Guaranteed) Smart Wealth Advantage Growth Par Plan Benefits to cater to need of death, Health & Savings Secure Earnings & Wellness Advantage Plan Axis Max Life Smart Ultra Protect Rider B Smart Term with Additional Returns ULIP Smart Value Income & Benefit Enhancer Plan (Smart VIBE) 21 Axis Max Life Group Smart Health Insurance Plan
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Axis Max Life has a complete suite of products and focus is on selling longer term products along with improving penetration of pure protection & Health offerings B Product Type Endowment ULIP Whole Life Money back Pure Term Guaranteed products Health Cancer Insurance Pension Annuity As on 30th Sept 2025 Average Average Average 36 27 16 Average Policy Term (Years) Average Policyholder Age (Years) Average PPT (Years) Current portfolio1 biased towards traditional products Axis Max Life has products across all categories 1 Health plan 4 Annuity plan 1 Retirement ULIP 6 Riders 1 Whole life 4 Protection plans 6 Income plans 5 Endowment plans 4 Child plans 7 ULIP plans 35 38 36 26 34 43 37 38 30 61 22 18 64 18 38 18 23 30 26 59 10 7 52 17 30 9 23 30 26 3 44% 25% 21% 10% Endowment Term UL Others Note:(1) Based on all policies sold till date; (2)Others include Money back, Whole life, Guaranteed products, Health, Cancer Insurance, Pension & Annuity. 22
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23 Retainment remains a key focus area for Axis Max life due to the long term structural opportunity within the segment India Retirement Index indicating the degree to which Indians feel prepared for tomorrow’s retired life on a scale of 0 to 100. B New Segments in Focus Double Income No Kids (DINKs) Gig Workers Generation Z Survey Findings Annuity APE ▪ The overall IRIS Index has grown significantly from 44 to 48, with the most significant gains in health preparedness. Financial index and emotional outlook remain stable ▪ 7 in 10 believe ₹1 Cr is needed for comfortable retirement. Retirement corpus sufficiency erodes as only 37% Indians believe their corpus will last more than a decade ▪ Gig workers’ financial confidence aligns closely with national average, signaling greater stability and optimism among this cohort toward future finances ▪ 2 in 5 women confident that retirement kitty will last more than a decade. ▪ Emotional index steady however loneliness concerns grow as 71% Indians feel they will lack social support during their retirement years IRIS: Significant Growth in overall IRIS Index from 44 to 48 over the years 28 Cities covered 2,242 Households 44* 47 49 48 2022 2023 2024 2025 179 185 343 H1 FY24 H1 FY25 H1 FY26 85% 1.9x YoY growth%
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Driving protection sales based on customer needs and with its efficient risk management B Note: 1Indian Protection Quotient; 2Protection includes riders except for Par riders Awareness & Ownership Gap for Term Products1 Amount in INR Cr 1.7x Retail Protection2 and Health APE ▪ AI based risk models, Credit Bureaus, IIB Database deployed in underwriting risk assessments ▪ Stringent medical and financial underwriting controls deployed Customer Profiling and Selection ▪ Regular repricing of products ▪ Product boundaries based on geography, income and channel ▪ Adequacy of reserve to minimize P&L volatility ▪ Adequate reinsurance to protect against claims volatility Profitability & Risk Management ▪ Regular portfolio review/ Post issuance verification ▪ AI models leveraged to monitor and forecast experience ▪ Early warning framework for early course correction ▪ Industry collaboration against organized frauds Experience monitoring 505 669 869 H1 FY24 H1 FY25 H1 FY26 Total Protection2 and Health APE 262 396 540 H1 FY24 H1 FY25 H1 FY26 2.1x Amount in INR Cr 36%30% 47 70 74 21 31 34 IPQ 1 IPQ 6 IPQ 7 Awarness Ownership YoY growth% 24
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Managing Other Major Risks B Robust Asset Liability Management Framework: ▪ Cash flow and duration matching ▪ Comprehensive hedging program ▪ Natural hedge ▪ Limit on non-par sales ▪ Active policyholder bonus management for Par business Focused Product Management: ▪ Repricing to align benefits with current rates ▪ Variant and channel level granular monitoring ▪ Resilience and Expert Validation: ▪ Direct Board oversight ▪ Stress testing ▪ Sensitivity tracking ▪ Peer review of liabilities ▪ Periodic external review of Derivatives Robust Asset Liability Management Framework: ▪ Cash flow and duration matching ▪ Comprehensive hedging program ▪ Natural hedge ▪ Limit on non-par sales ▪ Active policyholder bonus management for Par business Focused Product Management: ▪ Repricing to align benefits with current rates ▪ Variant and channel level granular monitoring Resilience and Expert Validation: ▪ Direct Board oversight ▪ Stress testing ▪ Sensitivity tracking ▪ Peer review of liabilities ▪ Periodic external review of Derivatives Front Office – Led by CIO: ▪ Differential strategy as per the fund characteristics ▪ Ensuing diversification and credit quality across portfolio, minimize credit and concentration risks Middle Office – Led by CRO: ▪ Independent credit review of portfolio and all new investment proposals ▪ Derivative risk management ▪ Early Warning Framework ▪ Consequence management of stressed assets Back Office – Led by CFO: ▪ Ensuring implementation of cash flow matching requirement of ALM ▪ Valuation, Collateral and Margin management of Derivatives ▪ Appropriate provisioning for stressed assets Investment RisksInterest Rate Risks Cyber DARE framework for managing security goals: ▪ Robust framework based on ISO 27001 Internal and External Validation: ▪ Dedicated CISO, internal security team and external security partner(s) ▪ Independent external benchmarking (Bit Sight) to keep abreast with emerging security trends Business Continuity : ▪ Robust framework based on ISO 22301 ▪ Business continuity plans reviewed annually ▪ Annual BCP drill ▪ Alternate Disaster Recovery (DR site) and regular data backups with movement to DR site ▪ Crisis Action Manual Information Security and Business Continuity Risks Preventive Programs: ▪ Multi-tier governance and automation for highest impact areas ▪ Quantified risk appetite for – Operational errors – Product set up errors ▪ Comprehensive Vendor due diligence Detective Programs: ▪ Customized Incident Management program ▪ Enterprise-wide tool for incident disclosures ▪ Risk certifications for critical processes Corrective programs: ▪ Revenue Assurance model for concurrent checks ▪ Cross functional forum for system gaps Operational Risks 25 25
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Strong focus towards customer measures has helped deliver superior performance across health parameters and will continue to remain an important priority C Note The persistency ratios are calculated in accordance with the IRDAI circular no. IRDAI/NL/MSTCIR/RT/93/6/2024 dated June 14, 2024 and hence are with a lag of one month. # Persistency for the period ending 30th Sept 25 for policies renewed from Sept-24 to Aug-25, Individual policies excluding single pay/fully paid up policies; Claims Paid Ratio: Leader at Claims paid ratio since FY’20 99.22% 99.35% 99.34% 99.51% 99.65% 99.70% FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 Rank#1 Persistency# (Premium) 87% 71% 62% 57% 52% 85% 76% 63% 58% 54% 13th Month 25th Month 37th Month 49th Month 61st Month 5M FY25 5M FY26 Persistency#(NOP) 85% 75% 66% 58% 51% 83% 76% 68% 62% 54% 13th Month 25th Month 37th Month 49th Month 61st Month 5M FY25 5M FY26 26
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Our Digital Strategy is Based on 6 Key Pillars Pervasive Intelligence (AI/ML & Analytics embedded in all key processes) 5 1 2 3 4 Digital Sales – Bancassurance & Partnerships of future Digital Customer Service Scale E-Commerce Business Frictionless Onboarding/ Issuance 6Agile, Scalable, Resilient Technology Platforms D 27
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Leadership in Ecommerce enabled by Best-in-Class On-boarding Platform D FRICTIONLESS ONBOARDINGB2C & B2B ON-BOARDING PLATFORM State of the art Integration stack with third parties like CIBIL, PAYU, AA, OCR for digital extraction of financial transactions. Journey enabled for existing customers for pre-population of data, document waiver and medical suppression basis previous policy. 28 Customer verification with intelligent fraud detection capabilities Ready APIs for fast onboarding of new Bank/Broking partners Issuance Real time policy status views from application to issuance Document Collection on WhatsApp Best-in-class journey with smarts for better seller and customer experience 11:30 AM
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Focusing on building a Digital Proprietary and Banca partnerships of future D 7:05 AM Super App for SALES Force 7:10 AM UNIFIED LEARNING & TRAINING MANAGEMENT Gen-AI Speech Analytics + Generative AI Powered Call Centre Analytics for Sharper Call and Agent Performance Insights ~2500 Calls being analyzed daily 7:05 AM D2C JOURNEY ALTERNATE CHANNELS (including CAT Axis) Integration Marketplace + Smart Fixed Return Plan New Partner integration TTM reduced 60% Reusable API >95% 8:15 AM Hi User Banca Partnerships Digital Proprietary DIY customer acquired 1.35L Growth in customer repurchasing new product. 15% • One App for all • Detailed Contest View • Smart Nudges • Performance Dashboard • Unified Calendar • 140% increase in module completion • (Dec’ 24 vs Mar ‘25) • 2500+ Agency Arohan on mPitch Pro 29
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Sales Navigator transforming our sales force into a truly Bionic Sales Force, to get maximum outcome from an average seller. Performance Dashboard Track your Policy One Stop Solution Cross Sell • Single login with integrated workflow to perform day-to-day job ( Recruitment, Training, Sales, and Review ) • Real-time nudge and notification for NBA • Sales analytics platform with near real-time sales performance and incentive tracking-. • AI-based product recommendation with Talk points for better conversion • Empowering a seller to track his policy and take action 15 thousand plus installed user base, 80 % Manual reporting sunset 4.3+ Star rated on App Store and Play Store D
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Empowering customers with DIY Servicing and Wellness, while driving cross-sell through the newly launched Axis Max Life Insurance App • Biometric login • Self-serving capability at fingertips • Crossell offers • Online buying journey • Track policy application Push notifications & message center, Smart nudges Voice Search & AI powered Mil Free Doctor consultation Fitness steps tracking, health risk assessment Health & Wellness Engagement DIY Servicing & Renewals Cross Sell 4 Lacs installed user base, 2 Lacs monthly active users, 4.8+ Star rated on App Store and Play Store D
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Leveraging generative AI for competitive advantage and digitizing customer service to deliver superior experiences D 1. Sales Enablement 2. Customer Service 3. Employee Experience Enterprise Grade use case development Conversational intelligence engine for e2e resolution on customer queries and emails. Generative AI Sales Assistant to enhance seller productivity AI-Driven role-play based assessment for the field teams to identify training & learning needs basis pitch evaluation Automated KFDs, articles and vernacular communication Gen AI tools for campaigns, customer communications & training videos in multiple languages 4. Marketing & other functions+ : Leveraging GenAI products for enhancing functional productivity ConversePro mPitchPro Newly launched customer app • Complimentary Doctor consultation • Steps based reward points for SEWA & CIDR • AI powered health Bot Health & Wellness • Biometric login • Policy documents, Track Fund Value • Renewal reminders & One Click Payments • Application Status Tracker DIY Servicing & Renewals • Cross Sell offers • Online buying journey • Track policy application & onboarding Cross Sell • Push notifications & Smart nudges • Voice Search & AI powered Mili • Plans & Financial Calculators Engagement 32
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Agile, Scalable & Resilient Technology Platform to Digitally power AMLI D Note: RPO: Recovery Point Objective; RTO: Recovery Time Objective Cloud Foundation 80% on hybrid, multi-cloud architecture ~100% Resiliency For Cloud & Critical Apps Provisioning from 8 weeks to 1-2 Days 4X peak volume scaled organically Legacy Modernization 1st organization in India & 2nd in world to have core systems on cloud Reduced RPO (near real time) & RTO (8 Hrs) Future Proof the core (Dynamic Scaling) 30% performance improvement Compliance & Security BitSight Security Maturity Score: 800 (Best in Industry) Data & Analytics Platform Lakehouse architecture providing Single Source & Version for Applied & GenAI enablement Daily Reporting & with reporting cycle from T-1 data to near real time 33
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ESG SECTION IV
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Four pillars of our sustainability framework (1/3) ESG Communities Distribution Partners Employees Investors Regulators Customers Financial responsibility Green Operations Work Sustainably Carefor People 35
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Four pillars of our sustainability framework (2/3) Care for People ▪ Diversity & Inclusion ▪ Employee Development ▪ Health & Wellness programs ▪ CSR (with Financial Empowerment) Green Operations ▪ Waste Management ▪ Water Management ▪ Energy efficiency ▪ Emissions control Financial Responsibility ▪ Sustainable Investing ▪ Product responsibility ▪ Customer feedback integration Work Ethically & Sustainably ▪ Corporate Governance ▪ Ethics & Compliance ▪ Digital Initiatives ▪ Ethical usage of Data ▪ Operational Risk Management 36
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Four pillars of our sustainability framework (3/3) Governance Diverse Board composition with optimum no. of Independent Directors (>50% - MFSL; ~30% - Axis Max Life Insurance) Data Privacy & Security Received DSCI Excellence Award for Best Security Practices in India in 2021; BitSight rating of 810-Best in financial services Risk Management Axis Max Life has a robust governance framework with Board risk committee (REALMC) supported by domain expertise committees Platforms, mechanisms, channels in place for grievance addresses, incident investigations and corrective actions and policies Compliance & Policies Work Ethically & Sustainably Diversity & Inclusion Gender diversity ratio: 29.4% as of 30th Sept 2025 Well-being of Employees • PAN India Health Camps & webinars with 4500+ employee participation • Monthly Gaming Hour launch (500+ monthly participation) Employee Development & Policies 36 learning hours achieved against the target of 20 learning hours Care for People Committed to responsible investments 100% ESG integration will be ensured in all equity investment research and decision making Responsible Investments Comprehensive stewardship policy in place and a detailed summary of AMLI’s voting actions are disclosed on a quarterly basis. Product Responsibility Benefits for females/transgenders for financial inclusion by way of preferential discounts & Higher returns. NPS for Q4 stands at an all time high of 63; YTD exit at 62 improving 6 points from previous year. Integrating Customer Feedback 85K students and 25K educators benefited from education efforts of Max India Foundation, 2078 beneficiaries reached through 286 employee volunteers under Joy of Giving, 12,200 beneficiaries enrolled into government welfare schemes in Varanasi, Jamshedpur, Unnao and Haridwar. CSR Initiatives Financial Responsibility • A total of 270 ton energy-efficient AC units with 3-star ratings have been installed across 85 locations. • Solar panels at our 90C office generate ~15,376 units, reducing CO2 emissions by 11 tons in Q2. Total target of 500 tons till Mar 26 Water Conservation ~1034 KL water recycled through STP in Q2 at 90C office in Gurugram Waste Management • Installed sanitary pad disposal bins at HO & 24 branches resulting in ~102 kg carbon footprint conserved for FY 2025- 26 • Tissue papers, previously discontinued only at Head Office, have now been discontinued across 200 branches effective May 2025. Green Operations Energy Management 37
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Progress made in our key strategic shifts identified in our ESG journey- as on 30th Sept 2025 Carbon Neutrality Diversity & Inclusion Responsible Investments Digital Operations Workforce Training Reduce carbon footprint and achieve Carbon Neutrality Overall Gender Diversity Ratio ESG integration* & Compliance^ in Investment Decision Making Digital penetration Number of learning hours to upskill and reskill employees Indicators Key Metric for ESG Indicators Key Targets Current Status *ESG Integration refers to evaluation of ESG risks and opportunities for each company in the portfolio ^ESG compliance refers to all ESG rating categories excluding severe risk category , as per rating agency scores *Earlier target was to reduce carbon emissions by 80% by 2028 Achieve 30% gender diversity ratio by FY26 ESG evaluation in equity investment research and decision making | 75% of equity portfolio to be ESG compliant at all times | 100% compliance for equity portions of shareholders fund to be adhered to 95% of digital penetration by FY 2026 40 learning hours per employee FY 2025 Net-zero target by 2050* 29.4% as of 30th Sept 2025 CRISIL has been on-boarded for ESG integration. Responsible Investment Policy in place 92.66% as of 30th Sept 2025 36 learning hours achieved against the target of 20 learning hours • 63 green meters installed in branch offices situated in Maharashtra amounting to 59.47 TCo2e emission saving. • Exploring more ways to transition to green energy in other states. 38
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Annexures
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Expansion in both case size and number of policies sold in H1 FY’26 Case Size* (INR’000) NoP’s (000’s) 356 794 98 111 98 166 159 146 110 115 110 35 43 40 162 151 140 FY'24 FY'25 H1 FY'25 Par Annuity NPAR Savings Protection & Health ULIP 139 122 25 29 197 180 189 207 165 254 FY'24 FY'25 Par Annuity NPAR Savings Protection & Health ULIP 45 45 12 19 84 102 100 122 116 103 H1 FY25 H1 FY26 119 170 114 44 149 H1 FY'26 391715 109102 105100 40 Note: 1Case size bases APE
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41 Sensitivity analysis as at 30th September 2025 1. Reduction in interest rate curve leads to an increase in the value of assets which offsets the loss in the value of future profits, resulting in an overall increase in EV. 2. Risk free rate sensitivities under new business allow for the change in the value of assets as at the date of valuation. Sensitivity EV Value of new business New Business Margin Value (Rs Cr) % change VNB (Rs Cr) % change NBM % change Base Case 26,895 - 974 - 23.3% - Lapse/Surrender - 10% increase 26,930 0.1% 931 (4.4%) 22.3% (1.0%) Lapse/Surrender - 10% decrease 26,849 (0.2%) 1,019 4.6% 24.4% 1.1% Mortality - 10% increase 26,169 (2.7%) 899 (7.8%) 21.5% (1.8%) Mortality - 10% decrease 27,626 2.7% 1,050 7.8% 25.1% 1.8% Expenses - 10% increase 26,647 (0.9%) 867 (11.0%) 20.8% (2.6%) Expenses - 10% decrease 27,142 0.9% 1,081 11.0% 25.9% 2.6% Risk free rates - 1% increase 26,020 (3.3%) 978 0.4% 23.4% 0.1% Risk free rates - 1% reduction 27,885 3.7% 970 (0.4%) 23.2% (0.1%) Equity values - 10% immediate rise 27,222 1.2% 974 Negligible 23.3% Negligible Equity values - 10% immediate fall 26,568 (1.2%) 974 Negligible 23.3% Negligible Corporate tax Rate - 2% increase 26,305 (2.2%) 940 (3.5%) 22.5% (0.8%) Corporate tax Rate - 2% decrease 27,484 2.2% 1,008 3.5% 24.1% 0.8% Corporate tax rate increased to 25% 24,259 (9.8%) 823 (15.5%) 19.7% (3.6%) Note: Figures in Rs Cr. and may not add up due to rounding
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Definition of the EV and VNB Market consistent methodology Covered Business Components of EV ▪ The EV and VNB have been determined using a market consistent methodology which differs from the traditional EV approach in respect of the way in which allowance for the risks in the business is made. ▪ For the market consistent methodology, an explicit allowance for the risks is made through the estimation of the Time Value of Financial Options and Guarantees (TVFOG), Cost of Residual Non-Hedgeable Risks (CRNHR) and Frictional Cost (FC) whereas for the traditional EV approach, the allowance for the risk is made through the Risk Discount Rate (RDR). The EV is calculated to be the sum of: ▪ Net Asset value (NAV) or Net Worth: It represents the market value of assets attributable to shareholders and is calculated as the adjusted net worth of the company (being the net shareholders’ funds as shown in the audited financial statements adjusted to allow for all shareholder assets on a market value basis, net of tax). ▪ Value of In-force (VIF): This component represents the Present Value of Future expected post-tax Profits (PVFP) attributable to shareholders from the in-force business as at the valuation date, after deducting allowances for TVFOG, CRNHR and FC. Thus, VIF = PVFP – TVFOG – CRNHR – FC. ▪ All business of Axis Max Life is covered in the assessment except one-year renewable group term business and group fund business which are excluded due to their immateriality to the overall EV.
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Components of VIF (1/2) Cost of Residual Non-Hedgeable Risks (CRNHR) ▪ Best estimate cash flows are projected and discounted at risk free investment returns. ▪ PVFP for all lines of business except participating business is derived as the present value of post-tax shareholder profits from the in-force covered business. ▪ PVFP for participating business is derived as the present value of shareholder transfers arising from the policyholder bonuses plus one-tenth of the present value of future transfers to the participating fund estate and one-tenth of the participating fund estate as at the valuation date. ▪ Appropriate allowance for mark-to-market adjustments to policyholders’ assets (net of tax) have been made in PVFP calculations to ensure that the market value of assets is taken into account. ▪ PVFP is also adjusted for the cost of derivative arrangements in place as at the valuation date. ▪ The CRNHR is calculated based on a cost of capital approach as the discounted value of an annual charge applied to the projected risk bearing capital for all non-hedgeable risks. ▪ The risk bearing capital has been calculated based on 99.5 percentile stress events for all non-hedgeable risks over a one-year time horizon. The approach adopted is approximate. ▪ The stress factors applied in calculating the projected risk capital in the future are based on the latest EU Solvency II directives recalibrated for Indian economic conditions. Present Value of Future Profits (PVFP)
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Components of VIF (2/2) Time Value Of Options and Guarantees (TVFOG) Frictional Cost (FC) ▪ The TVFOG for participating business is calculated using stochastic simulations which are based on 5,000 stochastic scenarios. ▪ Given that the shareholder payout is likely to be symmetrical for guaranteed non-participating products in both positive and negative scenarios, the TVFOG for these products is taken as zero. ▪ The cost associated with investment guarantees in the interest sensitive life non-participating products are allowed for in the PVFP calculation and hence an explicit TVFOG allowance has not been calculated. ▪ For all unit-linked products with investment guarantees, extra statutory reserves have been kept for which no release has been taken in PVFP and hence an explicit TVFOG allowance has not been calculated. ▪ The FC is calculated as the discounted value of tax on investment returns and dealing costs on assets backing the required capital over the lifetime of the in-force business.
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Key Assumptions for EV and VNB (1/2) Economic Assumptions Demographic Assumptions 1 Financial Benchmark India Pvt. Ltd. ▪ The EV is calculated using risk free (government bond) spot rate yield curve taken from FBIL1 as at September 2025. The VNB is calculated using the beginning of respective quarter’s risk free yield curve (i.e. 31st March 2025 and 30th June 2025). ▪ No allowance has been made for liquidity premium because of lack of credible information on liquidity spreads in the Indian market. ▪ Samples from 30th September 2025 and 31st March 2025 spot rate (semi annualized) yield curves used are: The lapse and mortality assumptions are approved by Board committee and are set by product line and distribution channel on a best estimate basis, based on the following principles: ▪ Demographic assumptions are set to reflect the expected long term experience. ▪ Assumptions are based on company’s own experience along with expectations of future experience given the likely impact of any current and proposed management actions on such assumptions. ▪ Aims to avoid arbitrary changes, discontinuities and volatility where it can be justified. ▪ Aims to exclude the impacts of non-recurring factors. Year 1 2 3 4 5 10 15 20 25 30 40 50 Sept-25 5.56% 5.84% 5.94% 6.12% 6.30% 6.68% 7.07% 7.40% 7.53% 7.54% 7.66% 7.91% Mar-25 6.44% 6.43% 6.44% 6.45% 6.49% 6.65% 6.76% 7.00% 7.10% 7.13% 7.19% 7.14% Change -0.88% -0.59% -0.50% -0.33% -0.19% 0.03% 0.31% 0.40% 0.43% 0.41% 0.47% 0.77%
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Key Assumptions for EV and VNB (2/2) Expense and Inflation ▪ Maintenance expenses are based on the recent expense studies performed internally by the Company. ▪ The future CSR rate is derived after allowing for the exemption on dividend income and is applied to the post-tax, risk-adjusted profits emerging each year. ▪ The commission rates are based on the actual commission payable, if any. Tax ▪ The Corporate tax rate is the effective tax rate, post allowing for exemption available on dividend income. Tax rate is nil for pension business. ▪ For participating business, the transfers to shareholders resulting from surplus distribution are not taxed as tax is assumed to be deducted before surplus is distributed to policyholders and shareholders. ▪ Goods and Service tax is assumed to be 18%. ▪ The mark to market adjustments are also adjusted for tax.
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This Presentation (“document”) has been prepared by Max Financial Services Limited (the “Company”) solely for the announcement of the Company’s financial results (the “Presentation”). References to “document” in this disclaimer shall be construed to include any oral commentary, statements, questions, answers and responses at the Earnings call. This document contains certain forward-looking statements relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. When used in this document, the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “going forward”, “intend”, “may”, “ought” and similar expressions, as they relate to the Company or the Company’s management, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s views as of the date of the Presentation with respect to future events and are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements. The Company assumes no obligation to update or otherwise revise these forward-looking statements for new information, events or circumstances that occur subsequent to the date of the Presentation. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information and opinions contained herein are subject to change without notice. None of Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or revise any forward looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This document does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information herein is given to you solely for your own use and information, and no part of this document may be copied or reproduced, or redistributed or passed on, directly or indirectly, to any other person in any manner or published, in whole or in part, for any purpose Disclaimer 47
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^Individual Death Claims Paid Ratio as per Audited Financials for FY 2024-2025 | *As per public disclosure for H1 FY 2024 - 2025 Thank You 48