Max Financial arm Axis Max Life gets anonymous tip claiming data breach

Max Financial Services Limited on Wednesday (July 2) disclosed that its material subsidiary, Axis Max Life Insurance Limited, has received a communication from an anonymous source claiming unauthorised access to certain customer data.In response, Axis Max Life has initiated an information security assessment and is conducting a data log analysis. The company has also launched a detailed investigation in consultation with information security experts to determine the root cause of the incident and to implement necessary remedial measures.

Fourth quarter cheer
For Q4 FY25, total annualised premium equivalent (APE) rose 6% year-on-year to ₹3,039 crore, broadly in line with the CNBC-TV18 poll estimate of ₹3,038 crore. Retail APE grew 11% YoY to ₹2,977 crore.Also Read: Max Financial Services appoints Sumit Madan as MD and CEO of Axis Max Life InsuranceThe value of new business (VNB) came in at ₹882 crore, up 8% from ₹820 crore a year ago, and sharply ahead of the poll estimate of ₹792 crore. VNB margin improved by 45 basis points to 29.02%, beating the estimated 26.06%, driven by a favourable product mix and higher proprietary channel share.

For the full year FY25, Axis Max Life delivered robust growth across metrics. Proprietary channel APE rose 26%, while overall APE was up 18%, aided by 13% growth in bancassurance channels.

Gross written premium stood at ₹33,223 crore, up 13% YoY. Embedded value rose 29% to ₹25,192 crore, with an operating return on embedded value (RoEV) of 19.1%. The company’s AUM grew 16% to ₹1.75 lakh crore, while individual new business sum assured increased 31%.

Also Read: Insurance awareness grows, but protection gap remains in rural India: Axis Max Life

Shares of Max Financial Services Ltd ended at ₹1,645.95, down by ₹8.85, or 0.53%, on the BSE.