The holding company of Axis Max Life Insurance, Max Financial Services Ltd, on Thursday reported a 33% year-on-year increase in Value of New Business to ₹446 crore for Q1, compared with ₹335 crore in the corresponding quarter last year. The VNB was higher than the CNBC-TV18 poll estimate of ₹398 crore.
Total Annualised Premium Equivalent rose 15% year-on-year to ₹1,922 crore from ₹1,668 crore in Q1 of the previous year. The figure was slightly below the CNBC-TV18 poll estimate of ₹1,939 crore. The VNB margin stood at 23.2%, compared with 20.1% in the year-ago quarter and the CNBC-TV18 poll estimate of 20.5%.
Retail Annualised Premium Equivalent stood at ₹1,810 crore in Q1FY27, in line with the CNBC-TV18 poll estimate of ₹1,810 crore, and grew 17% year-on-year from ₹1,553 crore in the corresponding quarter last year. Consolidated revenue including investment income stood at ₹14,977 crore, while consolidated profit after tax rose 37% year-on-year to ₹118 crore.
Axis Max Life Insurance reported a 17% year-on-year increase in Individual Adjusted First Year Premium to ₹1,810 crore in 3M FY27. The growth helped the insurer gain 13 basis points in private market share to 10.1%. Axis Max Life's Annualised Premium Equivalent grew 15% year-on-year.
Its proprietary channel APE also increased 15%, driven by a 27% rise in the online channel, reinforcing its position in the e-commerce space. Partnership channels grew 16% during the quarter, supported by 14% growth in the Axis channel and 21% growth from other partnerships.
Of the GCL business, 45% was sourced from partners added in the last three years. The company further strengthened its proposition for the self-employed customer segment during the quarter. The Protection and Health business grew 44%, led by a 57% increase in riders.
The Annuity business grew 116% during the quarter. Axis Max Life's Value of New Business , a measure of profitability, increased 33% year-on-year to ₹446 crore. The new business margin improved by 315 bps to 23.2%, from 20.1% in the same period last year.
The company's individual new business sum assured grew 32%. Its individual renewal premium increased 20% to ₹4,639 crore, taking gross written premium to ₹7,607 crore, up 19% year-on-year. Assets under management crossed the ₹2 lakh crore milestone and grew 11% during the period.
Sumit Madan, Managing Director and CEO, Axis Max Life, said, “Axis Max Life has begun FY'27 with strong momentum, delivering 17% growth in Individual Adjusted First Year Premium in Q1, outpacing the private market, leading to an improvement in private market share to 10.1%.
This performance reflects disciplined execution across our distribution. We continued to see broad-based growth across channels, led by strong momentum in both proprietary and partnership channels. Our balanced product strategy and disproportionate focus towards building segments of choice is reflected in a 44% increase in protection and health and 116% growth in annuities, resulting in improved profitability."Amrit Singh, Chief Financial Officer, Axis Max Life, stated, "Our 3M FY'27 performance reflects a continued focus on quality growth and disciplined capital management.
New Business Margin improved by 315 basis points to23.2%, resulting in a 33% growth in Value of New Business to ₹446 crore. We also strengthened our core financial foundations, with Embedded Value increasing 15% to ₹30,415 crore and Operating RoEV improving to 14.9%.
These outcomes reflect our emphasis on sustainable profitability, capital efficiency and consistent value creation for shareholders."Shares of Max Financial Services Ltd ended at ₹1,510.10, down by ₹13.90, or 0.91%, on the BSE.