Max Financial Services Limited

Rs 20,907

ength Protection & Health Industry Recognition ▪ MFSL revenue* excluding investment income at Rs 20,907 cr, grows 14% in 9M FY’25. Consolidated Profit After Tax at Rs 365 cr ▪ ▪ ▪ Individual Adjusted fir

14%

Health Industry Recognition ▪ MFSL revenue* excluding investment income at Rs 20,907 cr, grows 14% in 9M FY’25. Consolidated Profit After Tax at Rs 365 cr ▪ ▪ ▪ Individual Adjusted first year Premi

Rs 365

xcluding investment income at Rs 20,907 cr, grows 14% in 9M FY’25. Consolidated Profit After Tax at Rs 365 cr ▪ ▪ ▪ Individual Adjusted first year Premium at Rs 5,352 cr grew by 25% vs Private industry grow

Rs 5,352

FY’25. Consolidated Profit After Tax at Rs 365 cr ▪ ▪ ▪ Individual Adjusted first year Premium at Rs 5,352 cr grew by 25% vs Private industry growth of 19%. Private Market share at 9.3% during 9M FY’25 expa

25%

Profit After Tax at Rs 365 cr ▪ ▪ ▪ Individual Adjusted first year Premium at Rs 5,352 cr grew by 25% vs Private industry growth of 19%. Private Market share at 9.3% during 9M FY’25 expanded by 41 bps

19%

▪ Individual Adjusted first year Premium at Rs 5,352 cr grew by 25% vs Private industry growth of 19%. Private Market share at 9.3% during 9M FY’25 expanded by 41 bps vs at 8.9% during 9M FY’24. Tota

9.3%

year Premium at Rs 5,352 cr grew by 25% vs Private industry growth of 19%. Private Market share at 9.3% during 9M FY’25 expanded by 41 bps vs at 8.9% during 9M FY’24. Total APE# also grew by 26% driven

41 bps

by 25% vs Private industry growth of 19%. Private Market share at 9.3% during 9M FY’25 expanded by 41 bps vs at 8.9% during 9M FY’24. Total APE# also grew by 26% driven by robust NOP growth of 19%. 9M FY

8.9%

vate industry growth of 19%. Private Market share at 9.3% during 9M FY’25 expanded by 41 bps vs at 8.9% during 9M FY’24. Total APE# also grew by 26% driven by robust NOP growth of 19%. 9M FY’25 VNB at

26%

are at 9.3% during 9M FY’25 expanded by 41 bps vs at 8.9% during 9M FY’24. Total APE# also grew by 26% driven by robust NOP growth of 19%. 9M FY’25 VNB at 1,255 cr grew by 9% yoy and NBM at 21.9%. Q3 F

9%

Total APE# also grew by 26% driven by robust NOP growth of 19%. 9M FY’25 VNB at 1,255 cr grew by 9% yoy and NBM at 21.9%. Q3 FY’25 VNB at 489 cr and NBM at 23.2%. 9M FY’25 operating RoEV is at 17.3%

21.9%

grew by 26% driven by robust NOP growth of 19%. 9M FY’25 VNB at 1,255 cr grew by 9% yoy and NBM at 21.9%. Q3 FY’25 VNB at 489 cr and NBM at 23.2%. 9M FY’25 operating RoEV is at 17.3% and MCEV as of Dec’2

“Investor Release– Q3 FY 25 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investor Release – Q3 FY25 being issued by the Company on the outcome of its Board meeting held on February 4, 2025.”

“Recognized by Great Place To Work Institute in FY25 ▪ ▪ Awarded for Environment Excellence, 2024 from the Indian Chamber of Commerce under the silver category amongst the service sector ▪ Awarded Bronze for the ‘Most Innovative Use of AI’ at the Financial Express FU Tech Awards!”

“▪ Overall online LI market Rank #1** in 9M FY25 with continued leadership in both Online Protection & Online Savings ▪ On-boarded 3 Bank & 15 GCL partner along with 8 new Corporate Agents and 7 Online/offline Broker.”

“▪ NPS improved by 5 points from 56 in FY24 to 61 in Q3 FY25 Note: ^Growth numbers are on APE basis; *Persistency for Regular/Limited pay policies; **Company estimates; #Rank for NOP based persistency is based on Q2 NOP based Persistency numbers ▪ mPitch Pro(AI role play for sellers) helps train new sellers on pitching products to customers.”

“CSR Initiatives 24.2 lac students benefited from education 23.8K beneficiaries reached from financial literacy projects, and 47.2 K reached through 960 employee volunteers efforts, Committed to responsible investments 100% ESG ensured research and decision making integration will be investment in all equity Responsible Investments Comprehensive stewardship policy in place and a detailed summary of MLI’s voting actions are disclosed on a quarterly basis.”

“Responsible Investment Policy in place Carbon Neutrality Reduce carbon footprint and achieve Carbon Neutrality To reduce carbon emissions by 80%# by FY28 • Green energy feasibility study to be conducted for 90C by C&W • Identification of branches for green energy at Maharashtra is underway # Our target is subject to review and adjustment based on the findings of the green energy feasibility study which is underway and industry benchmarking.”

Validation

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Product Mix

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Operating RoEV

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Management Framework

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Management

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Business Continuity

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Preventive Programs

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Detective Programs

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Corrective programs

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Investor Release– Q3 FY 25 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investor Release – Q3 FY25 being issued by the Company on the outcome of its Board meeting held on February 4, 2025. You are requested to kindly take the aforesaid on record. Thanking you, Yours faithfully for Max Financial Services Limited Piyush Soni Company Secretary & Compliance Officer Encl: As above Max Financial Performance Update Investor Release 9M FY’25 February 4, 2025 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2023-2024 | *As per public disclosure for H1 FY 2024 - 2025 SECTION I  Max Financial Services and Axis Max Life Insurance 9M FY’25 Key Highlights Key highlights of Max Financial Services and Axis Max Life Insurance for 9M FY’25 Revenue Value creation Corporate name Distribution & Brand Refresh strength Protection & Health Industry Recognition ▪ MFSL revenue* excluding investment income at Rs 20,90

Product Mix

PAR Annuity NPAR Savings Protection & Health GROUP ULIP 11% 35% 5% 8% 28% 6% 18% 14% 31% 7% 9% 27% 6% 20% 16% 43% 6% 10% 23% 5% 13% 27% 5% 6% 44% 5% 13% FY'23 Line of Business# 9M FY’24 9M FY’25 Par Annuity NPAR Savings Protection & Health2 Group Credit Life1 Group Term Life1 ULIP 940 288 1,320 434 74 255 1505 788 304 1396 594 87 268 2563 Growth -16% 5% 6% 37% 18% 5% 70% 16% Value of New Business: Q3 NBM lower due to higher ULIP mix & surrender regulation impact Amount in INR Cr NBM 27.2% 489 23.2% 489 25.3% 1,152 21.9% 1,255 Note: Numbers may not add up to 100% due to rounding off, Group protection including Group INR credit life adjusted for 10% for single premium and term business, #Amounts in INR cr, 1 Group includes GTL & GCL; 2Retail protection includes riders except for Par riders FY'24 9M FY'24 9M FY'25 Q3 FY'24 Q3 FY'25 9M FY24 9M FY25 12 Efficient capital management with profitable growth Opex to GWP: Investing towards building distribution Solvency Ratio (Pre-dividend): 14.2

Operating RoEV

22.1% 20.2% 18.6% 17.3% Underwriting Profits Amount in INR cr 1,563 NB Strain 1,627 189 336 Backbook Surplus SH Surplus 1,203 237 1,569 324 FY'23 FY'24 9M FY'24 9M FY'25 -1,318 FY'23 -1,029 -1,603 FY'24 -1,550 9M FY'24 9M FY'25 13 Axis Max Life has consistently grown its Asset Under Management1, reached INR 1.7 Lakh crore Assets Under Management - AMLI is the 4th largest2 manager of private LI AUMs and Largest Par fund2 AUM of ~75K cr Linked: Healthy mix of Debt and Equity Amount in INR Tn Linked Traditional Debt Equity 151 107 143 100 172 123 44 42 49 58% 42% FY'23 66% 34% FY'24 65% 35% 69% 31% 9M FY'24 9M FY'25 Traditional: Consistent mix of Debt and Equity Debt Equity 12% 88% 14% 86% 15% 85% 14% 86% FY'24 9M FY'24 9M FY'25 FY'23 FY'24 9M FY'24 9M FY'25 More than 95% of debt investments is in sovereign papers and AAA rated securities 123 88 35 FY'23 Note: 1As of 31th Dec 2024, 2Largest Par fund as of Sept-24; MLI’s AUM does not includes Max PFM’s AUM 14 Axis Max Life has been recogni

Management Framework

▪ Cash flow and duration matching ▪ Cash flow and duration matching ▪ Comprehensive hedging program ▪ Comprehensive hedging program ▪ Natural hedge ▪ Natural hedge ▪ Limit on non-par sales ▪ Limit on non-par sales ▪ Active policyholder bonus ▪ Active policyholder bonus management for Par business management for Par business Focused Product Focused Product

Management

▪ Repricing to align benefits with ▪ Repricing to align benefits with current rates current rates ▪ Variant and channel level ▪ Variant and channel level granular monitoring granular monitoring

Validation

▪ Direct Board oversight ▪ Direct Board oversight ▪ Stress testing ▪ Stress testing ▪ Sensitivity tracking ▪ Sensitivity tracking ▪ Peer review of liabilities ▪ Peer review of liabilities ▪ Periodic external review of ▪ Periodic external review of Derivatives Derivatives Front Office – Led by CIO: ▪ Differential strategy as per the fund characteristics ▪ Ensuing diversification and credit quality across portfolio, minimize credit and concentration risks Middle Office – Led by CRO: ▪ Independent credit review of portfolio and all new investment proposals ▪ Derivative risk management ▪ Early Warning Framework ▪ Consequence management of stressed assets Back Office – Led by CFO: ▪ Ensuring implementation of cash flow matching requirement of ALM ▪ Valuation, Collateral and Margin management of Derivatives ▪ Appropriate provisioning for stressed assets Information Security and Business Continuity Risks Cyber DARE framework for managing security goals: ▪ Robust framework based on ISO 27001 I