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^Individual Death Claims Paid Ratio as per Annual Audited Financials for FY 25-26, Claims Paid Ratio rounded off to the nearest single decimal figure | **As per financials closed on 30thJune 2026. Max Financial Performance Update Investor Release H1 FY’27 October 27, 2026
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Max Financial Services and Axis Max Life Insurance H1 FY’27 Key Highlights SECTION I
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Key highlights of Max Financial Services and Axis Max Life Insurance for H1 FY’27 Note: 1MFSL Consolidated Revenue including investment income at Rs 26,582 Cr, Up 17% in H1 FY’27; All other numbers above are for Axis Max Life Insurance; 2Excluding Group Term Life; 3Company Estimates ; 4Pure protection is ex-Riders and Health business Revenue ▪ MFSL revenue1 excluding investment income at Rs 17,484 cr, grows 16% in H1 FY’27. Consolidated Profit After Tax at Rs 219 cr up 137% ▪ Individual Adj FYP at Rs 4,368 cr grew by 12% and 3 year CAGR of 20% ▪ Total APE2 at Rs 4,638 cr grew by 11% on a YoY basis and 3-year CAGR of 19% ▪ Renewal premium grew 18%, driven by highest ever persistency across later cohorts (37M, 49M and 61M) Value creation ▪ H1 FY’27 VNB at 1,180 cr grew by 21% yoy and NBM at 25.4 %. Q2 FY’27 VNB at 734 cr grew by 15% yoy and NBM at 27.0% ▪ H1 FY’27 operating RoEV is at 17.3% and MCEV as of Sept’26 at Rs 31,437 cr ▪ Solvency ratio at 197% as of Sep’26 aided by a Debt raise of 686 cr ▪ Policyholder Cost to GWP ratio improved 165 bps yoy, from 26.2% in H1 FY26 to 24.5% in H1 FY27. Excluding GST PH Cost to GWP ratio improved by 290 bps, to 22.5% in H1 FY’27 from 25.4% in H1 FY’26 Distribution strength ▪ Proprietary channels APE grew by 12% on YoY basis during H1 FY’27 driven by strong growth of 28% in Online proprietary ▪ Axis channel grew by 8% & other partnerships grew by strong 21% leading to Partnership channel APE to grow by 11% during H1 FY’27 ▪ Maintained leadership position3 at Overall E-commerce ▪ Successfully on-boarded 15 new partners during H1 FY’27 Segments of Choice ▪ Overall Retail Protection & Health APE grew by 27% to Rs 685 cr during H1 FY’27, driven by Pure Protection4 growth of 37% ▪ Annuity APE grew by 125% to Rs 772 cr during H1 FY’27 and by 130% to Rs 526 cr during Q2 FY’27 ▪ Maintained Rank 3 in Individual Sum Assured with a growth of 18% during H1 FY’27 ▪ GIFT City business scaling up rapidly, with the product now contributing >5% of ULIP APE People & Partnership ▪ Axis Max Life recognized among Top 50 India's Best Workplaces for Women 2026 (Large Category), by the Great Place To Work® Institute ▪ MFSL ESG Rating by CRISIL improved by 8 points from 62 in FY’25 to 70 in FY26, demonstrating sustained ESG integration ▪ Axis Max Life and Axis Bank has been honored with the 'India's Best Bancassurance Partnership' award at the Insurance Asia News Country Awards for Excellence 2026 ▪ Launched Smart Retirement Income with Sustained Earnings Plan contributing 8% of Total APE, expanding the retirement proposition with flexible lifelong income and a NIFTY 50-linked variable annuity option for potential income growth ▪ Relaunched Smart Term Plan Plus with 8 flexible protection variants, life cover up to age 100, and enhanced women-centric benefits including maternity cover and Lifeline Plus. Product Innovation 3
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Axis Max Life Insurance’s financial performance summary for H1 FY’27 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 4,638 cr [Rs 4,175 cr] Ind Adjusted FYP Rs 4,368 [Rs 3,891 cr] Gross Written Premium Rs 18,066 cr [Rs 15,490 cr] Renewal Premium Rs 11,247 cr [Rs 9,503 cr] AUM Rs 2,05,657 cr [Rs 1,85,336 cr] Profit Before tax Rs 234 cr [Rs 172 cr] Net Worth Rs 6,830 cr [Rs 6,294 cr] Policyholder Opex to GWP Ratio2,3 13.7% [15.5%] New business margin 25.4% [23.3%] Operating RoEV 17.3% [16.3%] Embedded Value Rs 31,437 cr [26,895 cr] Solvency 197% [208%] Value of New Business Rs 1,180 cr [Rs 974 cr] Policies Sold (‘000) 425 [391] Ind. New business Sum assured Rs 2,55,308 cr [Rs 2,15,673 cr] Protection Mix** 17% 21% 210 bps 35% 18% -174 bps Individual Group T otal 14% [12%] 7% [7%] 21% [20%] 11% 17% 18% 9% 9% 100 bps 11% 12% 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 FY21-26 (1/2) Consistent Growth 5-Yr CAGR of 15% on Individual new business vs 12% for Total life insurance industry1 Asset Under Management at INR ~1.9 lakh cr, CAGR of 16% over last 5 years Consistent leadership2 position in Online Business 5-Yr APE CAGR of 28% in Proprietary channels Retail Protection APE ~3x in last 5 years Value Creation VNB CAGR of 16% in 5 years 5-Yr APE CAGR of 10% in Partnership channels 5-Yr Embedded Value4 CAGR of 20% 1 Source: 1 Individual Adjusted FYP; 2Company estimates among Life insurers; 3CAGR of MFSL’s Market cap from Mar-21 to Mar-26 ; 4Represents cumulative annualized operating ROEV 6
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Key Highlights for Axis Max Life FY21-26 (2/2) Note: 1. Includes CVP & above; 2. Net promoter Score (NPS) as a measure of customer experience was adopted by Axis Max Life in FY19 done by Kantar, TNPS: Transaction NPS; 3. As per syndicated Life Insurance brand track study by Kantar & Numer; 4. For being among top 100 great places to work for a decade Employee Customer Great Places to Work Rank #28 in FY26 Experienced leadership1 with half of the leadership’s tenure with Axis Max Life of a decade or more Claims paid ratio at 99.8% in FY26 Continued leadership for third time in customer experience for 4th consecutive year with Rank #1 as per Hansa research Brand Highest Share of Voice in the industry in FY26 with 50% share Brand Consideration score3 improved by 6% in FY26 Vs FY25 Company NPS2 at 60 and TNPS at 63 in FY’26 Accorded the Laureate4 honor by Great Places to Work Maintained rank #3 in Brand Search Query in the industry 7
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Sustained strong Q2 growth across channels over the last three years Note: Numbers may not add up sue to rounding off; 1Among private Life insurance companies, 2Pure protection excludes riders & Health; Secular Growth Partnership APE growth Proprietary APE growth 8 Industry leading outcomes Number of Policies 10% 9% 14% 19% Pvt Industry AMLI Q2 YoY growth% Q2 3Y CAGR Q2 Market share1 10.1% Up 122 bps since Q2 FY’24 Individual Adjusted FYP 7% 6%7% 11% Pvt Industry AMLI Q2 YoY growth% Q2 3Y CAGR 4% 21% 9% 31% Axis Other partnership Q2 YoY growth % Q2 3Y CAGR 1% 29% 22% 33% Offline Online Q2 YoY growth% Q2 3Y CAGR Pure Protection3 Annuity APE4 133 219 286 Q2 FY'24 Q2 FY'26 Q2 FY'27 Segments of choice 99 229 526 Q2 FY'24 Q2 FY'26 Q2 FY'27
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Axis Max life Growth driven by strong New Business & Renewal Business momentum Individual Sum Assured of New business- Rank2 3 in individual sum assured Renewal Income – Delivering consistent growth Gross Written Premium – 17% growth in H1 FY’27 New Business Premiums (on APE1 basis) Amount in INR cr Amount in INR cr Amount in INR cr 8,770 10,502 FY'25 FY'26 33,223 38,877 FY'25 FY'26 3,83,670 5,43,210 FY'25 FY'26 21,049 24,374 FY'25 FY'26 4,175 4,638 H1 FY26 H1 FY27 9,503 11,247 H1 FY26 H1 FY27 2,15,763 2,55,308 H1 FY26 H1 FY27 15,490 18,066 H1 FY26 H1 FY27 Amount in INR cr Note: 1 Total APE excluding Group Term Life; 2 Among Private Life Insurance Companies 9
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Best in class outcomes consistent with strategy of VNB growth Product Mix: Driven by higher Protection and Annuity sales 15% 16% 12% 14% 5% 10% 8% 16% 23% 21% 26% 14% 10% 13% 12% 14% 5% 5% 7% 7% 42% 36% 34% 35% FY'25 FY'26 H1 FY26 H1 FY27 PAR Annuity NPAR Savings Protection & Health GROUP ULIP 15% 20% 21% Note: Numbers may not add up to 100% due to rounding off, Group protection including Group INR credit life adjusted for 10% for single premium and term business, #Amount in INR cr, 1 Group includes GTL & GCL; 2Retail protection includes riders except for Par riders Line of Business# H1 FY’26 H1 FY’27 Growth Par 532 707 33% Annuity 343 772 125% NPAR Savings 1,165 683 -41% Protection2 & Health (A+B) 540 685 27% Pure Protection (A) 380 521 37% Rider & Health (B) 160 164 2% Group Credit Life 64 95 47% Group Term Life 266 262 -1% ULIP 1,532 1,696 11% Value of New Business: Driven by higher protection sales and cost efficiencies 640 734 Q2 FY26 Q2 FY27 Amount in INR Cr NBM 974 1,180 H1 FY26 H1 FY27 23.3% 25.4%25.5% 27.0% 17% 10
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Efficient capital management with profitable growth PH Opex to GWP1: Excluding GST Opex ratio improved by 290 bps to 11.7% in H1 FY’27 from 14.6% in H1 FY’26 Underwriting Profits 150% Solvency Limit -2,117 -3,075 -1,248 -1,635 2,076 2,718 1,070 1,574 447 635 327 269 FY'25 FY'26 H1 FY'26 H1 FY'27 NB Strain Backbook Surplus SH Surplus Solvency Ratio (Pre-dividend) Amount in INR cr 13.6% 14.6% 15.5% 13.7% FY'25 FY'26 H1 FY26 H1 FY27 201% 194% 208% 197% FY'25 FY'26 H1 FY26 H1 FY27 Operating RoEV 19.1% 18.7% 16.3% 17.3% FY'25 FY'26 H1 FY26 H1 FY27 1Policyholder Opex to GWP = ( Opex + Provision for doubtful debts )/Gross written premium; 11
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EV movement analysis: March 2026 to September 2026 12Note: Figures in Rs Cr. and may not add up due to rounding Operating RoEV: 17.3% NAV, 6,017 NAV, 6,188 NAV, 6,568 VIF, 22,853 VIF, 24,869 VIF, 24,869 1,180 1,217 5 -216 381 Opening EV Value of New Business Unwind Operating Variance Non-Operating Variance Closing EV (Before Capital Injection) Capital Injection Closing EV 28,870 31,057 31,437
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Axis Max Life has consistently grown its Asset Under Management1, crossed Rs 2.0 Lakh crore Assets Under Management - AMLI is the 4th largest2 manager of private LI AUMs More than 95% of debt investments are 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 88% 89% 88% 88% 12% 11% 12% 12% FY'25 FY'26 H1 FY26 H1 FY27 Debt Equity 31% 29% 27% 25% 69% 71% 73% 75% FY'25 FY'26 H1 FY26 H1 FY27 Debt Equity Note: 1As of 30th Sept 2026, 2 as of Sept-26 Public disclosures; 175 190 185 206 48 48 50 53 127 142 136 153 FY’25 FY’26 H1 FY26 H1 FY27 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 ▪ Clinched bronze for the ‘Most Innovative Use of AI’ at the Financial Express FU Tech Awards! ▪ ‘Silver Award’ at BW Merit Awards 2026 for ‘India Protection Quotient’ under the ‘Persistent Long Running Campaign’ category ▪ Axis Max Life and Axis Bank has been honored with the 'India's Best Bancassurance Partnership' award at the Insurance Asia News Country Awards for Excellence 2026 ▪ ‘Bharosa Talks’ Campaign awarded Silver at the PRAXIS Fulcrum Award 2026 for ‘Best Use of Measurement for a Campaign’ Business Excellence ▪ Ranked #28 in this year’s Great Place to Work recognition under the category of ‘Best Companies to Work For’ ▪ Ranked By GPTW Among ‘Top 50 India's Best Workplaces Building A Culture Of Innovation By All’ in 2025 ▪ Axis Max Life recognized among the Top 50 India's Best Workplaces for Women 2026 (Large Category), by the Great Place To Work® Institute. ▪ Among Top 50 India’s Best Places For Health And Wellness By The Great Place To Work Institute ▪ Silver Award at the People Matters Infini-T Awards 2026 for employee wellbeing and resilience ▪ Axis Max Life and Sharpsell.ai won Silver at the Brandon Hall Group HCM Excellence Awards 2026 for Best Program for Upskilling Employees Focus on People ▪ ‘Best Data Privacy and Protection Program’ award at the Economic Times Enterprise Security Awards under the ‘Project and Tech Excellence’ category ▪ ‘Gold Award’ at Kaleido Awards 2026 for ‘Bharosa Talks’ under the ‘Best Use of PR and Analytics’ category ▪ Recognized at the TISS Leapvault CLO Awards 2026, across four categories ▪ Axis Max Life’s ‘Bharosa Talks’ Campaign awarded Silver at the PRAXIS Fulcrum Award 2026 for ‘Best Use of Measurement for a Campaign’ 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 C DigitalProduct innovation to drive margins Predictable & Sustainable growth Digitization for efficiency and intelligence Customer centricity across the value chain ▪ Retail Protection & Health grew by 27% and Annuity grew by 125%; ▪ Launched Smart Retirement Income with Sustained Earnings Plan, expanding the retirement proposition with flexible lifelong income and a NIFTY 50-linked variable annuity option ▪ Rider attachment at 39% for H1 FY27, Rider APE grew by 19% ▪ Proprietary channels grew by 12% driven by strong growth of 28% in online proprietary ▪ Total Partnership grew by 11% driven by 8% growth in Axis Bank and 21% from other Partnerships ▪ Overall online LI market Rank #1** with continued leadership in Online Protection ▪ GCL grew by 47%. On-boarded 7 new group partner and 8 Retail partner ▪ Claim paid ratio at 99.8% at the end of FY26, among leaders in the industry ▪ Highest-ever persistency in the 37M, 49M and 61M cohorts reaffirming structurally stronger renewal portfolio. ▪ Persistency* improved by 480 bps in 37th month and in 61st Month during H1 FY’27 ▪ GIR industry ranking improved from Rank #5 in Q1 FY26 to Rank #3 in Q1 FY27 Progress achieved in H1 FY’27 ▪ Scaling up Customer app with 12 Lac+ installs till date and 80% YoY growth in customer self-service (DIY) interactions ▪ 4 enterprise AI platforms integrated across the organization- Humanoid-bots, AI Co- pilots launched (Sales & CS), Hyper- personalised Next-Best-Action nudges & Bank partner intelligence ▪ Insta Claim: InstaClaim proposition continues to deliver industry-leading outcomes, with 63% of eligible claims ▪ 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 FY’26 NOP based Persistency numbers 16
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Axis Max Life has focused on ensuring growth in both its Proprietary and Bancassurance channels A Partnership Channel (APE) Proprietary Channels (APE)*Channel Mix – Disproportionate focus towards growing proprietary channels Amount in INR cr Amount in INR cr 42% 45% 47% 47% 58% 55% 53% 53% FY'25 FY'26 H1 FY26 H1 FY27 Proprietary Partnership 3,723 4,765 FY'25 FY'26 5,047 5,737 FY'25 FY'26 1,947 2,171 H1 FY26 H1 FY27 2,228 2,467 H1 FY26 H1 FY27 Note: *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 15 new relationships in H1 FY’27 Ecosystems Key relations signed by Axis Max Life A 18
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Product mix in Proprietary and Partnership channels aligned to customer needs Proprietary Channels Product mix 16% 16% 15% 15% 6% 7% 7% 13% 26% 23% 26% 16% 16% 20% 19% 22% 37% 33% 32% 35% FY'25 FY'26 H1 FY26 H1 FY27 PAR Annuity NPAR Savings Protection & Health ULIP A 16% 18% 11% 17% 6% 12% 10% 21% 23% 21% 30% 15%6% 8% 7% 9% 50% 41% 42% 39% FY’25 FY’26 H1 FY26 H1 FY27 PAR Annuity NPAR Savings Protection & Health ULIP Partnership Product Mix 19
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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 Global Investment Fostering Tomorrow Plan a USD denominated ULIP product. ▪ Launched Smart Retirement Income With Sustained Earnings Plan a Variable Annuity plan. ▪ Scaled “Monthly Income” category first on Non PAR and then on PAR platforms B 20
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Accelerating product innovation agenda through creating new customer segments Income streams (Cash Bonus + Guaranteed) Smart Wealth Advantage Growth Par Plan B Affluent Program, exclusively for HNI customers High Sum Assured Multiple with market linked returns 8 Flexible Protection Variants for every life stage 21 Flexibility to choose their first-year income level Smart Value Income & Benefit Enhancer Plan (Smart VIBE) USD denominated, unit linked plan engineered for cross-border wealth Smart Global Investment Fostering Tomorrow Plan (GIFT) Smart Retirement Income with Sustained Earnings Plan Axis Max Life Smart Term Plan Plus Axis Max Life Platinum Wealth Plan (PWP)
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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 2026 Average Average Average 36 28 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 5 Annuity plan 1 Retirement ULIP 6 Riders 1 Whole life 4 Protection plans 6 Income plans 6 Endowment plans 2 Child plans 8 ULIP plans 35 38 36 25 34 43 37 38 30 61 22 19 64 18 38 18 24 30 27 59 10 7 53 17 30 8 24 30 27 2 42% 25% 24% 9% 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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Focus is on understanding the customer to drive protection sales and its efficient risk management B Note: 1Indian Protection Quotient; 2Retail protection includes riders except for Par riders Awareness & Ownership Gap for Term Products1 Amount in INR Cr 1.6x 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 669 869 1,042 H1 FY25 H1 FY26 H1 FY27 Total Protection2 and Health APE 396 540 685 H1 FY25 H1 FY26 H1 FY27 1.7x Amount in INR Cr 27%20% 47 70 74 21 31 34 IPQ 1 IPQ 6 IPQ 7 Awarness Ownership YoY growth% 23
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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 24 24
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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, 2026 for policies renewed from Sept-25 to Aug-26, Individual policies excluding single pay/fully paid up policies; Claims Paid Ratio: 99.2% 99.5% 99.7% 99.7% 99.8% FY'20 FY'23 FY'24 FY'25 FY'26 Persistency# (Premium) 85% 76% 63% 58% 54% 83% 73% 68% 59% 59% 13th Month 25th Month 37th Month 49th Month 61st Month 5M FY26 5M FY27 Persistency#(NOP) 83% 76% 68% 62% 54% 83% 74% 69% 65% 61% 13th Month 25th Month 37th Month 49th Month 61st Month 5M FY26 5M FY27 25
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26 Transforming Insurance through Digital, AI and Platform-led Capabilities D 1 Digital Commerce & Acquisition Digitally Empowered Distribution Insurance-in-a-Box Digital Ecosystem for Customer Wellness & Experience Pervasive Intelligence (AI/ML & Analytics embedded in all key processes) Agile, Scalable, Resilient Technology Platforms 2 3 4 Creating seamless digital journeys that improve customer discovery, engagement, conversion and onboarding Equipping advisors with intelligent tools, automation and insights to enhance productivity and drive superior sales outcomes. Scaling partnership-led distribution through an integrated, configurable and API-first platform Delivering seamless servicing, wellness and engagement experiences across the customer lifecycle
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Scaling Ecommerce Sales leveraging Digital capabilities D Holistic D2C ecosystem with advanced integrations and capabilities to improve proposition discovery and customer engagement – Creating both customer delight as well as a competitive advantage in D2C distribution • Content leadership and Creative velocity • 95% performance signal quality • 1st Rank SEO on Term • Automated chase and Drop lead campaigns • 50% of performance creatives generated via AI tools with inbuild brand & compliance check • In-house sales tech stack and New age CRM dialer • 100% tele-sales hiring & onboarding training via AI voice bots • 1:1 Relationship manager • Industry first funds • Periodic boosts and Weekly A/B testing Proposition and D2C Journey Marketing, Chase and Retargeting Sales and Onboarding # 1 In Organic App Install share in Top 8 75 Purchase NPS Consistent Growth in Monthly Unique Leads
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Unified platform with comprehensive capabilities to enable, empower, and engage – Maximizing outcomes from every seller D Recruitment Intelligence • DIY Journey • Auto Resume Screening • Success Likelihood Scores Customer Servicing • Personalized Engagement • Personalized Pitches • Up/Cross-sell Execution Performance Management • Performance Dashboards • Contests • Performance Nudges Sales and Governance • Lead Management • Activity Management • Cross Sell Customer Onboarding • Quote Generation • Next Best Action • Product Mix • Premium Reminder Fully integrated, AI-powered seller ecosystem that reduces onboarding time, increases per-advisor productivity, and drives improvement in cross-sell conversion -transforming every seller into a high-performing, data-driven advisor. 28 Outcomes 42,000 Monthly active users 50k+ Apps download 86 NPS 4.8 App store rating 90% + Adoption rate
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Fully integrated, configurable & ready-to-deploy ecosystem for any partnership D 29 Retail Journey Configurability across customer touch points • Reusable APIs • Plug & Play APIs — Modular & Agile • Modular Journeys • All Journeys (DIY, DIFM, Seller) • Payment First/ Last & Communication Switch off/ On • API Portal • Sandbox Environment for Partner to try out • Testing Automation Digital, Analytics & Engagement • Redirection Links to AMLI servicing work types • Plug & Play APIs for servicing work types • One App — app-in-app integration Insurance in a Box 01 02 03 04 Group Stack Transformation (Phygital to Fully Digital) • Reusable APIs • Plug & Play APIs — Modular & Agile • Fully Digital Journeys • All Journeys (Embedded, Semi-Integrated, Seller login) • Digitized QC/UW workflow for reduced TAT • Insta COI • API Portal Data & Intelligence Engine • Pre-approved insurance offers at point of sale • Real-time data engine for lead categorization • Propensity models to identify likely buyers • Intelligence layer for embedded cross-sell DIFM: Do it for me, DIY: Do it yourself
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Empowering customers with DIY Servicing and Wellness, while driving cross-sell through the Customer experience Platforms D Health & Wellness • Complimentary Doctor consultation • Specialist consultations for Aurous customers • Steps based reward points • AI powered health Bot DIY Servicing & Renewals • Biometric login • Policy documents, Track Fund Value • Renewal reminders & One Click Payments Cross Sell • Portfolio view of policies & Coverage Gap • Online buying journey • Track policy application & onboarding Engagement • Push notifications & Smart nudges • Voice Search & AI powered Mili • Plans & Financial Calculators 30 4.5 Lacs Monthly active users 12.5 Lakh+ App Install Base 4.8 App store rating Outcomes AFYP – Adjusted First Year Premium
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AI Cross-Sell Next Best Action Platform ✓ 3L high-propensity leads for advisors ✓ 28 Cr NB with 2x higher case size Cross-Sell Propensity & PASA Offers (Banks) ✓ 80L propensity + PASA offers SA/ Non-SA base ✓ 150 Cr NB Cross-Sell Appointment Booking Voice Bot ✓ 976 incremental service-to- sales appointments booked through bot Augmenting ‘intelligence’ in existing assets and re-imagining core processes across the insurance value chain D 31 Recruitment Conversion| Performance Management Prospecting Underwriting Customer service Sales Management Customer Management Smart Advisor Prospecting & Recruitment Lead Nurturing ✓ 60K Recruitment leads through digital recruitment pitching ✓ 1,426 URNs generated through DIY onboarding AI ELY HRBP Copilot ✓ 65% attrition Front Line Sales (FLS) identified proactively by bot ✓ 28% Resignations withdrawal among Engaged Negative Cohort AI Sales Co-pilot ✓ 82K (YTD) sales interactions — pitch creation, objection handling, product comparison Real-time Product Recommendation & Upsell Engine ✓ 85%+ sellers adopted recommended upsell – Weighted Premium Credit recommendations AI Hyper-personalized Nudge Engine ✓ 48% Sales person engagement done through Hyper-personalised scripts Voice Insights ✓ 13L voice interactions (80L mins) analyzed by AI for customer insights ✓ 50% higher conversions in AI identified high-propensity calls Risk Avoidance · Fraud (Early Mortality) & Persistency Risk Models ✓ 5% policies get proactive financial risk assessment enabled through AI identified high risk case Financial Frictionless ✓ 50% protection policies given financial waiver in September 2026 (47% in Q1) ✓ OCR Vision AI :5L financial documents processed by AI GenAI Email Bot ✓ 40K (27%) email queries resolved by AI bot ✓ 30% TAT reduced Digital Journey Enhancements ✓ Pure Straight through processing (STP) increased to 64% and Overall STP 80% through enhanced POS journeys
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Agile, Scalable & Resilient technology platform to digitally power AMLI D Note: RPO: Recovery Point Objective; RTO: Recovery Time Objective 32 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 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 AI & GenAI 30+ AI/ML models in production Autonomous Digital Twins roadmap for UW, Collections and Service Enterprise Conversational Copilot strategy (ELY++, Sales Copilot, CS Copilot) Centralized Hyper- Personalization Engine
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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 34
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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 35
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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 With BitSight rating of 800, AMLI is in top 3 Insurance companies in India AMLI is certified in ISO 27001 and ISO 22301 for Information Security and Business Continuity 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: 30.3% as of 30th Sept 2026 Well-being of Employees • Recognized with “Silver” at People Matters Infini-T Awards India 2026 for Employee Wellbeing & Resilience • PAN India Wellness Camps & webinars with 5000+ employee participation Employee Development & Policies • 44 average learning hours as of 30th sept-2026. 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 is at 62 YTD Sept 2026 Integrating Customer Feedback • 20,000+ beneficiaries linked to government welfare schemes in Varanasi, Unnao, Jamshedpur & Haridwar. • 1,600+ students selected for Project Udaan (life skills building & career awareness). • 4225 students & 967 educators directly & 5,901 educators indirectly across 37 schools benefitted through Max India Foundation. CSR Initiatives Financial Responsibility • Energy-efficient AC units with 3-star ratings have been installed across 29 locations with a cooling capacity of 194.3 tons in YTD. • Solar panels at 90C office generate ~18998 units, reducing CO2 emissions by 13.7 tons in YTD. Water Conservation 2134 KL water recycled through STP in YTD at 90C office. Total Reduction of CO2 ~141 ton CO2e YTD through RO machines in place of bottled water. Waste Management • Sanitary pad disposal bins installed at HO (2 offices) & 26 branches; ~145.5 kg carbon footprint conserved as of Aug’26 • Discontinuation of tissue paper usage at HO and ~400 branches has been implemented. Remaining 50 branches planned for implement in Q3. Green Operations Energy Management 36
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Progress made in our key strategic shifts identified in our ESG journey- as on 30th Sept 2026 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 31% gender diversity ratio by FY27 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 92.5% of digital penetration by FY 2027 70 learning hours per employee FY 2027 Net-zero target by 2050* 30.3% as of 30th Sept 2026 (29.7% as of 30st June 2026) Actively monitors & engages with investee companies on various matters such as ESG risks & opportunities, issues on governance, environmental disclosure. 89.93% as of 30th Sept 2026 (94.5% as of 30th June 2026 ) 44 average learning hours Exploring ways to more green energy current status-70 meters installed: 62 installed Maharashtra and 8 in Telangana. 37
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Annexures
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Expansion in both case size and number of policies sold in H1 FY’27 Case Size (INR’000) NoP’s (000’s) 391 935 111 117 119 159 198 170 115 127 114 43 45 44 151 155 149 FY'25 FY'26 H1 FY'26 Par Annuity NPAR Savings Protection & Health ULIP 122 152 29 51 180 178 207 303 254 252 FY'25 FY'26 Par Annuity NPAR Savings Protection & Health ULIP 45 61 19 39 102 61 122 151 103 113 H1 FY26 H1 FY27 116 193 112 45 150 H1 FY'27 425794 110 109 107105 39
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40 Sensitivity analysis as at 30th September 2026 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 31,437 -- 1,180 -- 25.4% -- Lapse/Surrender - 10% increase 31,374 (0.2%) 1,127 (4.5%) 24.3% (1.1%) Lapse/Surrender - 10% decrease 31,500 0.2% 1,235 4.7% 26.6% 1.2% Mortality - 10% increase 30,400 (3.3%) 1,088 (7.8%) 23.5% (2.0%) Mortality - 10% decrease 32,474 3.3% 1,273 7.9% 27.4% 2.0% Expenses - 10% increase 31,186 (0.8%) 1,052 (10.8%) 22.7% (2.8%) Expenses - 10% decrease 31,688 0.8% 1,308 10.9% 28.2% 2.8% Risk free rates - 1% increase 30,494 (3.0%) 1,186 0.5% 25.6% 0.1% Risk free rates - 1% reduction 32,537 3.5% 1,174 (0.5%) 25.3% (0.1%) Equity values - 10% immediate rise 31,909 1.5% 1,180 Negligible 25.4% Negligible Equity values - 10% immediate fall 30,965 (1.5%) 1,180 Negligible 25.4% Negligible Corporate tax Rate - 2% increase 30,714 (2.3%) 1,138 (3.5%) 24.5% (0.9%) Corporate tax Rate - 2% decrease 32,160 2.3% 1,222 3.5% 26.3% 0.9% Corporate tax rate increased to 25% 28,262 (10.1%) 996 (15.6%) 21.5% (3.9%) 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 and CSR on investment returns and dealing costs on assets backing the required capital over the lifetime of the in-force business. ▪ While calculating the FC, the required capital for non-participating products is funded from the shareholders’ fund and is not lowered by other sources of funding available such as the excess capital in the participating business (i.e. participating fund estate).
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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 2026. The VNB is calculated using the beginning of respective quarter’s risk free yield curve (i.e. 31st March 2026 and 30th June 2026). ▪ 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 2026 and 31st March 2026 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-26 6.17% 6.58% 6.75% 6.91% 6.98% 7.26% 7.54% 7.90% 7.99% 8.07% 8.10% 8.10% Mar-26 5.64% 6.41% 6.51% 6.70% 6.82% 7.20% 7.72% 8.13% 8.16% 8.04% 8.24% 7.52% Change 0.53% 0.17% 0.24% 0.21% 0.16% 0.06% -0.18% -0.23% -0.17% 0.03% -0.14% 0.58%
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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 pre-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% and is used on commission and expenses, if applicable. ▪ 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 46
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^Individual Death Claims Paid Ratio as per Annual Audited Financials for FY 25-26, Claims Paid Ratio rounded off to the nearest single decimal figure | **As per financials closed on 30thJune 2026. Thank You 47