Max Financial Services Limited

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e MAX FINANCIAL SERVICES LIMITED CIN: L24223PB1988PLC008031 Corporate Office: L20M(21), Max Towers, Plot No. C-001/A/1, Sector-16B, Noida- 201301 P: + 91 120 4696000 I Email: investorhelpline@maxfina

10%

arge customer and distribution presence across India Market Positioning Distribution footprint ~10% Private market share^ #1 Claims Paid ratio in industry #3 Individual Retail Sum Assured 585 Own

5.9 Million

Under Management 4th Largest AUM *** Largest PAR fund AUM*** ~27 Trillion Sum Assured In-Force ~5.9 Million In-force Policies ~20 Million Lives Insured** Source: Numbers as of Dec-25; ^By Individual New Sa

20 Million

M *** Largest PAR fund AUM*** ~27 Trillion Sum Assured In-Force ~5.9 Million In-force Policies ~20 Million Lives Insured** Source: Numbers as of Dec-25; ^By Individual New Sales; **Inception Till Date; ***

15%

anies, # Includes Broker & Bank branches 2 Key Highlights for Axis Max Life FY20-25 5-Yr CAGR of 15% on Individual new business vs 10% for Total life insurance industry1 Asset Under Management at

INR 1.7 lakh

on Individual new business vs 10% for Total life insurance industry1 Asset Under Management at INR 1.7 lakh cr, CAGR of 21% over last 5 years 1 Consistent leadership2 position in online protection & S

21%

ss vs 10% for Total life insurance industry1 Asset Under Management at INR 1.7 lakh cr, CAGR of 21% over last 5 years 1 Consistent leadership2 position in online protection & Savings 5-Yr APE

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life insurance industry1 Asset Under Management at INR 1.7 lakh cr, CAGR of 21% over last 5 years 1 Consistent leadership2 position in online protection & Savings 5-Yr APE CAGR of 24% in Prop ch

24%

st 5 years 1 Consistent leadership2 position in online protection & Savings 5-Yr APE CAGR of 24% in Prop channels 5-Yr APE CAGR of 11% in Banca Channel Retail Protection APE more than double

11%

ition in online protection & Savings 5-Yr APE CAGR of 24% in Prop channels 5-Yr APE CAGR of 11% in Banca Channel Retail Protection APE more than doubled in last 5 years VNB CAGR of 19% in 5 y

19%

GR of 11% in Banca Channel Retail Protection APE more than doubled in last 5 years VNB CAGR of 19% in 5 years Market Cap3 5 year CAGR is 24% 5-Yr EV4 CAGR of 20% h t w o r G t n e t s i s n o C

20%

led in last 5 years VNB CAGR of 19% in 5 years Market Cap3 5 year CAGR is 24% 5-Yr EV4 CAGR of 20% h t w o r G t n e t s i s n o C n o i t a e r C e u a V l Source: 1 Individual Adjusted FYP; 2C

“Committed to responsible investments integration will be 100% ESG ensured in all equity investment research and decision making Responsible Investments stewardship Comprehensive policy in place and a detailed summary of AMLI’s voting actions are disclosed on a quarterly basis.”

BitSight Security Maturity Score

1

Improved ease of doing business

1

BitSight Security Maturity Score

800 80% on hybrid, multi-cloud architecture ~100% Resiliency For Cloud & Critical Apps Provisioning from 8 weeks to 1-2 Days 4X peak volume scaled organically 1st organization in India & 2nd in world to have core systems on cloud Future Proof the core (Dynamic Scaling) Reduced RPO (near real time) & RTO (8 Hrs) 30% performance improvement Note: RPO: Recovery Point Objective; RTO: Recovery Time Objective 38 SECTION IV  ESG Four pillars of our sustainability framework (1/2) Investors Communities Regulators Distribution Partners Customers Employees 40 Four pillars of our sustainability framework (2/2) Work Ethically & Sustainably Care for People Financial Responsibility Green Operations Governance Diverse Board composition with optimum no. of Independent Directors (>50% - MFSL; ~30% - Axis Max Life Insurance) Data Privacy & Security Received DSCI Excellence Award for Best Security Practices in India in 2021; BitSight rating of ~800 among best in financial services Risk Management robust

Improved ease of doing business

– Use and file norms – Revised EOM & Commission – Expense of Management (EOM) guidelines Guidelines – Open Architecture for Corporate Agents – Distributor Compensation Guidelines – New Capital Avenues for growth – Increase in distribution tie-up limits – Increased focus on rural expansion   Regulatory sandbox Surrender Regulations 2.6% 2.7% 2.7% 2.8% 2.7% 2.8% 3.2% 3.2% 3.0% 2.8% 2.7% 100 100% 100 98% 120 94% 140 85% 160 75% 403 64% 210 66% 527 50% 472 43% 550 48% 504 54% 479 470 63% 62% 454 62% 408 51% 441 48% 635 44% 692 42% 533 46% 734 43% 757 40% 876 37% 1,040 1,090 34% 32% 1,204 29% FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Source: IRDAI Annual Reports, League tables 45 Corporate Structure Axis Max Life Insurance (AMLI) is a Joint venture between Max Financial Services and Axis Bank Share in AMLI: 80.98% Shareholding pattern of MFSL2 9% 1% 23% 46% DII MSI 22% FPI Promoter Others Marquee INVESTORS