Axis Max Life’s profitability measure VNB increases 21% YoY; Individual Adjusted First Year Premium grew 12% YoY in H1 FY’27

Axis Max Life Insurance Limited,  formerly known as Max Life Insurance Company Limited (“Axis Max Life” / “Company”), has announced new business growth (Individual Adjusted First Year Premium) of 12% to ₹4,368 crores with a private market share at 10.1%. The Value of New Business (VNB) for H1 FY’27 increased by 21% YoY to ₹1,180 crores, while the VNB margin expanded by 210 basis points to 25.4%, supported by continued momentum in the protection and retirement segments.

The Company strengthened its leadership position in protection, with the pure retail protection business growing 37% YoY, driven by sustained customer demand and disciplined execution. Retirement continues to represent a significant long-term growth opportunity for Axis Max Life. During Q2 FY’27, the Company launched Smart Retirement Income with Sustained Earnings Plan (SMART RISE) (UIN: 104N160V01), an innovative solution combining flexible lifelong income with a market linked variable annuity option. Supported by strong customer acceptance, the Company’s annuity business grew 130% YoY in Q2 FY’27.

Axis Max Life also delivered robust renewal performance, with renewal premium growing 18% YoY to ₹11,247 crores in H1 FY’27. Consequently, Gross Written Premium increased 17% to ₹18,066 crores, reflecting the strength of the Company’s franchise and customer engagement.

Sumit Madan, Managing Director and CEO, Axis Max Life , said, “Our H1 FY’27 performance reflects the strength of our distribution franchise, disciplined execution, and continued focus on delivering sustainable, customer-centric growth. We welcome IRDAI’s efforts to evolve the distribution framework in a manner that balances customer interests with industry growth objectives. The proposed emphasis on simpler distribution economics, stronger persistency outcomes, better alignment of commissions and expenses, and enhanced policyholder protection is a step in the right direction. We believe a balanced and consultative approach will further strengthen trust in the insurance ecosystem, support innovation and accessibility, and accelerate the sector’s long-term growth.”

Amrit Singh, Chief Financial Officer, Axis Max Life,  said, “We delivered a strong performance in the first half of the fiscal, with Individual Adjusted First Year Premium growing by 12%. Our renewal premium rose 18%, driving 17% growth in Gross Written Premium. An improved product mix lifted the VNB Margin to 25.4% and supported 21% growth in Value of New Business.Our Embedded Value as of Sep 30, 2026 stood at ₹31,437 crores, growth of 17% YoY. Annualized operating RoEV improved by 100 bps to 17.3% in H1 FY27, reflecting our continued focus on delivering profitable and sustainable growth.”

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, MFSL owns and actively manages an ~80% majority stake in Axis Max Life.

Company Information (Identification) Number - L24223HR1988PLC145368

About Axis Max Life Insurance Limited (https://www.axismaxlife.com)

Axis Max Life Insurance Limited (the “Company”), formerly known as Max Life Insurance Company Ltd., is a subsidiary of Max Financial Services Limited (“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of the Company. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party partners. The Company has built its operations on a need-based sales process, a customer centric engagement model and trained human capital. As per audited financials for FY2025-26, Axis Max Life recorded a gross written premium of INR 38,877 crores. 

IRDAI Registration. No – 104

Company Identification Number - U74899HR2000PLC143012

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