Max Financial Services Reports 8 Percent Growth in Consolidated Revenue^ in 9M FY25 Rising to Rs. 34,106 Crore; Axis Max Life Insurance’s Total APE Grew 26 Percent

Axis
Max
Life
9M
FY25
Highlights:

• 
  
  New
  Business
  Premium*:
  Rs.
  8,091
  crore,
  up
  16%;
  Proprietary
  channels
  APE
  grew
  by
  41%;

• 
  
  Gross
  Written
  Premium:
  
  Rs. 21,360
  crore,
  up
  14%
  YoY

• 
  
  Embedded
  Value
  at
  
  Rs. 24,129
  crore,
  grows
  29%
  with
  an
  Operating
  RoEV
  of
  17.3%

• 
  
  Individual
  New
  Business
  Sum
  Assured
  grew
  by
  34% 

• 
  
  Assets
  Under
  Management
  (AUM)
  at
  
  Rs. 1,71,705
  crores,
  up
  by
  20%

• 
  
  New
  retail
  policy
  sales
  increase
  by
  19%
  during
  9M
  FY25

Max
Financial
Services
Limited
has
recorded
consolidated
revenue^
of

Rs.34,106
crores
during
9M
FY25,
up
by
8%.
The
consolidated
revenue
excluding
investment
income
at

Rs. 20,906
crore
grew
by
14%
year-on-year
during
9M
FY25.

In
9M
FY25,
Axis
Max
Life
Insurance
Limited’s
(Axis
Max
Life/
the
Company)
New
Business
Premium
(Individual
and
Group)
grew
by
16%
to

Rs. 8,091
crore
and
Individual
Adjusted
First
Year
Premium
grew
by
25%
to

Rs. 5,352
crore
leading
to
private
market
share
gain
by
41
bps
to
9.3%.
Number
of
new
retail
policies
grew
by
19%.
Further,
the
renewal
premium
rose
by
12%
to

Rs. 13,269
crore,
taking
the
Gross
Written
Premium
to

Rs. 21,360
crores,
an
increase
of
14%
over
the
previous
financial
year.
Additionally,
the
Company
registered
a
growth
of
9%
in
VNB
in
first
9
months
despite
the
impact
of
surrender
regulations
in
third
quarter. 

During
the
third
quarter,
the
Company
continued
its
growth
momentum
within
its
proprietary
channels
and
grew
its
APE
by
26%,
backed
by
a
secular
growth
within
Agency,
Cross
Sell
and
E-commerce
channel.
This
growth
was
fueled
by
a
successful
NFO
launch,
Sustainable
Wealth
50
Index
Fund.
Additionally,
the
Company
successfully
refreshed
its
brand
identity
and
changed
its
corporate
name
from
erstwhile,
Max
Life
Insurance
Company
Limited
to
now
Axis
Max
Life
Insurance
Limited.

Mr.
Prashant
Tripathy,
CEO
and
Managing
Director,
Axis
Max
Life,
said,
“During
9M
FY’25
Axis
Max
Life
increased
its
market
share
by
41
bps
with
an
Individual
Adjusted
FYP
growth
of
25%
vs
a
growth
of
19%
for
Private
Industry
and
a
growth
of
14%
for
Total
Industry.
Our
strong
9M
FY25
performance
underscores
our
strategic
commitment
to
expanding
proprietary
channels,
strengthening
partnerships,
and
tapping
into
new
customer
segments.
With
focused
investments
and
robust
execution,
we
continue
to
drive
sustained
growth
across
all
channels.”

“Further,
our
rebranding
to
Axis
Max
Life
leverages
the
combined
strength
and
trust
of
two
leading
financial
brands
propelling
our
strategic
expansion
beyond
major
metros
and
Tier
1
cities.
This
leverages
our
legacy
of
trust
and
expertise
and
adds
the
confident
familiarity
of
the
Axis
brand,
ultimately
driving
enhanced
value
creation
for
our
stakeholders.”

In
9M
FY25,
the
Company’s
Annual
Premium
Equivalent
(APE)
grew
by
26%
driven
by
a
strong
growth
of
41%
within
Proprietary
channels
and
16%
within
Partnership
channels.
The
contribution
of
Proprietary
channels
to
total
new
sales
increased
from
40%
in
9M
FY24
to
44%
in
9M
FY25.
The
Company
maintained
leadership
position
in
overall
E-commerce
business
in
both
online
Protection,
and
online
Savings.
The
new
business
growth
was
fuelled
by
strong
growth
in
Protection
&
Health,
ULIP
and
Group
Credit
Life.
Retail
Protection
&
Health
grew
by
37%,
Group
Credit
Life
grew
by
18%
in
9M
FY25.
Additionally,
the
Company
has
successfully
on-boarded
32
new
partners
in
9M
FY25,
including
3
Banca
Partners
–
India
Post
Payments
Bank,
NSDL
Payments
and
CSB
Bank.

Focusing
on
product
innovation,
the
Company
launched
another
NFO
during
Q3,
Sustainable
Wealth
50
Index
Fund
along
with
a
new
Term
product,
“Smart
Term
Plan
Plus”.
This
new
protection
plan
offers
customers
flexibility
to
opt
from
7
plan
variants
tailored
to
better
meet
customer
needs,
including
income
protection
and
whole
life
coverage
up
to
age
100.
Additionally,
it
also
includes
instant
payment
upon
claim
intimation,
auto-rebalancing
of
life
and
ADB
cover,
and
a
Maternity
cover
for
female
lives
Insured
to
safeguard
themselves
from
certain
Pregnancy
related
complications
and
their
new
born
against
Congenital
Anomalies.
Our
focus
on
protection
has
led
to
a
strong
growth
of
34%
in
Individual
new
business
Sum
assured. 

In
9M
FY25,
Axis
Max
Life’s
persistency
performance
has
continued
to
improve
with
a
leadership
position
maintained
in
13-month
persistency
(basis
number
of
policies)
at
84.8%. 

Key
Financial
Summary
of
Axis
Max
Life:

About
Max
Financial
Services
Limited
Max
Financial
Services
Limited
(MFSL)
is
part
of
India’s
leading
business
conglomerate
–
the
Max
Group.
Focused
on
Life
Insurance,
MSFL
owns
and
actively
manages
an
~81%
majority
stake
in
Axis
Max
Life
Insurance
Limited.

MFSL
is
listed
on
the
NSE
and
BSE.
Besides
a
3.3%
holding
by
Analjit
Singh
and
sponsor
family,
some
of
the
other
group
shareholders
include
MSI,
Ward
ferry,
New
York
Life,
Capital,
GIC,
Baron,
Vanguard,
Jupiter,
Blackrock,
and
the
Asset
Management
Companies
of
DSP,
Nippon,
HDFC,
ICICI
Prudential,
UTI,
Motilal
Oswal,
Canara
Robeco,
Sundaram,
Aditya
Birla
Sun
Life,
Mirae,
and
Kotak.

About
Axis
Max
Life
Insurance
Ltd.
Axis
Max
Life
Insurance
Ltd.
(formerly
known
as
Max
Life
Insurance
Company
Ltd.
is
a
Joint
Venture
between
MFSL
and
Axis
Bank
Limited.
Axis
Max
Life
offers
comprehensive
protection
and
long-term
savings
life
insurance
solutions
through
its
multi-channel
distribution,
including
agency
and
third-party
distribution
partners.
It
has
built
its
operations
over
two
decades
through
a
need-based
sales
process,
a
customer-centric
approach
to
engagement
and
service
delivery
and
trained
human
capital.
As
per
the
annual
audited
financials
for
FY2023-24,
Axis
Max
Life
has
achieved
a
gross
written
premium
of
INR
29,529
Cr.

For
more
information,
please
visit
the
company
website
at

www.maxlifeinsurance.com.

^
Includes
investment
income
*
New
business
premium
includes
individual
and
group
premium