Max Financial Services Limited

rs,

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: corpsecretarial@maxindia

Rs 8,329

rporate name Distribution & Brand Refresh strength Individual Adjusted first year Premium is at Rs 8,329 cr grew by 20% vs Private industry growth of 15% and Total industry growth of 10%. Rank 4 among pri

20%

bution & Brand Refresh strength Individual Adjusted first year Premium is at Rs 8,329 cr grew by 20% vs Private industry growth of 15% and Total industry growth of 10%. Rank 4 among private players a

15%

Individual Adjusted first year Premium is at Rs 8,329 cr grew by 20% vs Private industry growth of 15% and Total industry growth of 10%. Rank 4 among private players and Rank 3 in H2 & Q4 FY’25. Privat

10%

remium is at Rs 8,329 cr grew by 20% vs Private industry growth of 15% and Total industry growth of 10%. Rank 4 among private players and Rank 3 in H2 & Q4 FY’25. Private industry market share at 9.8% d

9.8%

of 10%. Rank 4 among private players and Rank 3 in H2 & Q4 FY’25. Private industry market share at 9.8% during FY’25 expanded by 37 bps ▪ MFSL revenue* excluding investment income at Rs 32,620 cr, grow

37 bps

players and Rank 3 in H2 & Q4 FY’25. Private industry market share at 9.8% during FY’25 expanded by 37 bps ▪ MFSL revenue* excluding investment income at Rs 32,620 cr, grows 12% in FY’25. Consolidated Pro

Rs 32,620

rket share at 9.8% during FY’25 expanded by 37 bps ▪ MFSL revenue* excluding investment income at Rs 32,620 cr, grows 12% in FY’25. Consolidated Profit After Tax at Rs 403 cr. ▪ ▪ vs at 9.4% during FY’24. ▪

12%

uring FY’25 expanded by 37 bps ▪ MFSL revenue* excluding investment income at Rs 32,620 cr, grows 12% in FY’25. Consolidated Profit After Tax at Rs 403 cr. ▪ ▪ vs at 9.4% during FY’24. ▪ Total APE#

Rs 403

* excluding investment income at Rs 32,620 cr, grows 12% in FY’25. Consolidated Profit After Tax at Rs 403 cr. ▪ ▪ vs at 9.4% during FY’24. ▪ Total APE# also grew by 18% driven by robust yoy NOP growth of

9.4%

income at Rs 32,620 cr, grows 12% in FY’25. Consolidated Profit After Tax at Rs 403 cr. ▪ ▪ vs at 9.4% during FY’24. ▪ Total APE# also grew by 18% driven by robust yoy NOP growth of 11% vs 5% NOP grow

18%

nsolidated Profit After Tax at Rs 403 cr. ▪ ▪ vs at 9.4% during FY’24. ▪ Total APE# also grew by 18% driven by robust yoy NOP growth of 11% vs 5% NOP growth of private industry. FY’25 VNB at 2,107 cr

“Investor Release– Q4 FY 25 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investor Release – Q4 FY25 being issued by the Company on the outcome of its Board meeting held on May 13, 2025.”

“5 2 ’ Y F n i ▪ Overall online LI market Rank #1** in FY25 with continued leadership in both Online Protection & Online Savings ▪ On-boarded 3 Bank & 22 GCL partner along with 7 new Corporate Agents and 12 Online/offline Broker.”

“PAN India Health Camps & Events (4000+ employees participation) for Employee Development & Policies Organization averaged 54 hours of learning, surpassing target of 40 hours.”

“By upgrading to more efficient ACs, the project reducing energy contributes consumption.”

Validation

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Product Mix

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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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BitSight Security Maturity Score

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Sub

Investor Release– Q4 FY 25 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investor Release – Q4 FY25 being issued by the Company on the outcome of its Board meeting held on May 13, 2025. You are requested to kindly take the aforesaid on record. Yours faithfully, For Max Financial Services Limited Piyush Soni Company Secretary & Compliance Officer Encl: as above 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: corpsecretarial@maxindia.com I Website: www.maxfinancialservices.com Regd. Office: Bhai Mohan Singh Nagar, Village Railmajra, Tehsil Balachaur, Dist. Nawanshahr, Punjab -144 533, India Max Financial Performance Update Investor Release 12M FY’25 May 13, 2025 ^Individual Death Claims Paid Ratio as per Audited Financials for FY 2023-2024 | *As per public disclosure for H1 FY 2024 - 2025 SEC

Product Mix

PAR Annuity NPAR Savings Protection & Health Group ULIP 13% 38% 5% 8% 18% 0% 30% 27% 5% 6% 44% 5% 13% 11% 14% 35% 5% 9% 28% 6% 18% 42% 5% 10% 23% 5% 15% Line of Business# Par Annuity NPAR Savings Protection & Health2 Group Credit Life1 Group Term Life1 FY’24 1,358 465 2,167 661 112 301 FY’25 1,358 492 2,076 896 119 329 ULIP 2,669 3,829 Growth 0% 6% -4% 35% 6% 9% 43% 15% Value of New Business: Impact of Surrender regulation mitigated through improved rider penetration, product modifications Amount in INR Cr NBM 28.6% 821 28.1% 852 26.5% 1,973 24.0% 2,107 FY’20 FY’23 FY’24 FY’25 Q4 FY24 Q4 FY25 FY'24 FY'25 Note: Numbers may not add up to 100% due to rounding off, Group protection including Group 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 10 Efficient capital management with profitable growth Opex to GWP: YoY improvement in opex ratios Solvency Ratio (Pre-divide

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

Validation

▪ Dedicated CISO, internal security team and external security partner(s) ▪ Independent external benchmarking (Bit Sight) to keep abreast with emerging security trends