Axis Max Life’s profitability measure VNB increases by 27% YoY in H1 FY’26 Individual Adjusted First Year Premium grew 18% YoY
First Half Financial Year 2026 (“H1 FY’26”) Highlights: Max Financial Services Limited reports 18% growth in consolidated revenue excluding investment incomeIndividual Adjusted First Year Premium at ₹3, 891 crores, grew 18%Axis Max Life continues to grow faster than private industry with market share increasing by 83 bps to 10.1% in H1 FY’26Gross Written Premium: ₹15,490 crores, up 18% Year-on-Year (YoY)VNB (measure of profitability) at ₹ 974 crores with a YoY growth of 27% New business margin improved by 210 bps to 23.3% in H1 FY’26 and by 190 bps to 25.5% in Q2 FY’26Embedded Value at ₹26,895 crores, grew 15% with an Operating RoEV of 16.3%Individual New Business Sum Assured grew by 25% Assets Under Management (AUM) at ₹1.85 lakh crores, up by 9% Noida, November 14, 2025: Max Financial Se...










