Max Financial Services Ltd on Thursday, August 7, reported a 45.3% year-on-year (YoY) decline in its first quarter net profit at ₹69.6 crore, down from ₹127 crore in Q1FY25.
Net interest income (NII) grew 16.8% to ₹132 crore against ₹113 crore in the same period of the previous fiscal. The company reported an 18% YoY growth in its consolidated revenue, excluding investment income, for the first quarter of FY26.
Axis Max Life Insurance Limited, a subsidiary of Max Financial, saw its individual adjusted first year premium rise 23% to ₹1,553 crore over last year. The company’s profitability metric, value of new business (VNB)increased 32% to ₹335 crore during the quarter, supported by improvements in product mix.
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The private industry market share of Axis Max Life expanded 121 basis points to 10% in Q1FY26. Gross written premium (GWP) stood at ₹6,397 crore, registering an 18% YoY growth. This was led by a 17% rise in renewal premium at ₹3,873 crore
The embedded value of Max Financial grew 20% to ₹26,478 crore, with an operating return on embedded value (RoEV) of 14.3%.
Individual new business sum assured increased 26% during the quarter, while new retail policy sales rose 10%. Assets under management (AUM) at the end of the quarter stood at ₹1,83,211 crore, marking a 14% increase from the year-ago quarter.
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New business growth was driven by a 40% increase in annuity, a 36% rise in retail protection & health, and a 41% growth in NPAR-savings segments. The company also added 15 new partners in Q1FY26, comprising eight retail and seven group business partners. New business margins improved to 20.1% in Q1FY26 from 17.5% a year earlier.
The results came after the close of the market hours. Shares of Max Financial Services Ltd ended at ₹1,504.30, up by ₹14.70 or 0.99%, on the BSE today (August 7).
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