MFSLNSENovember 11, 2025

Max Financial Services Limited

7,828words

12turns

0analyst exchanges

0executives

Key numbers — 40 extracted

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: investorhelpline@maxfina

Rs 3,891

vices and Axis Max Life Insurance for H1 FY’26 Revenue Individual Adjusted first year Premium at Rs 3,891 cr grew by 18% vs Private industry growth of 8% during H1 FY’26. Private Market share at 10.1% durin

18%

ife Insurance for H1 FY’26 Revenue Individual Adjusted first year Premium at Rs 3,891 cr grew by 18% vs Private industry growth of 8% during H1 FY’26. Private Market share at 10.1% during H1 FY’26 exp

e Individual Adjusted first year Premium at Rs 3,891 cr grew by 18% vs Private industry growth of 8% during H1 FY’26. Private Market share at 10.1% during H1 FY’26 expanded by 83 bps from 9.3% during

10.1%

t Rs 3,891 cr grew by 18% vs Private industry growth of 8% during H1 FY’26. Private Market share at 10.1% during H1 FY’26 expanded by 83 bps from 9.3% during H1 FY’25. Total APE# also grew by 15% driven by

83 bps

te industry growth of 8% during H1 FY’26. Private Market share at 10.1% during H1 FY’26 expanded by 83 bps from 9.3% during H1 FY’25. Total APE# also grew by 15% driven by robust NOP growth of 10%. ▪ ▪ ▪ ▪

9.3%

growth of 8% during H1 FY’26. Private Market share at 10.1% during H1 FY’26 expanded by 83 bps from 9.3% during H1 FY’25. Total APE# also grew by 15% driven by robust NOP growth of 10%. ▪ ▪ ▪ ▪ MFSL reve

15%

hare at 10.1% during H1 FY’26 expanded by 83 bps from 9.3% during H1 FY’25. Total APE# also grew by 15% driven by robust NOP growth of 10%. ▪ ▪ ▪ ▪ MFSL revenue* excluding investment income at Rs 15,090

10%

ded by 83 bps from 9.3% during H1 FY’25. Total APE# also grew by 15% driven by robust NOP growth of 10%. ▪ ▪ ▪ ▪ MFSL revenue* excluding investment income at Rs 15,090 cr, grows 18% in H1 FY’26. Consoli

Rs 15,090

ew by 15% driven by robust NOP growth of 10%. ▪ ▪ ▪ ▪ MFSL revenue* excluding investment income at Rs 15,090 cr, grows 18% in H1 FY’26. Consolidated Profit After Tax at Rs 92 cr. Value creation ▪ H1 FY’26 VN

Rs 92

xcluding investment income at Rs 15,090 cr, grows 18% in H1 FY’26. Consolidated Profit After Tax at Rs 92 cr. Value creation ▪ H1 FY’26 VNB at 974 cr grew by 27% yoy and NBM at 23.3 % vs Q2 FY’25 VNB at 6

27%

FY’26. Consolidated Profit After Tax at Rs 92 cr. Value creation ▪ H1 FY’26 VNB at 974 cr grew by 27% yoy and NBM at 23.3 % vs Q2 FY’25 VNB at 640 cr grew by 25% yoy and NBM at 25.5%. ▪ H1 FY’26 opera

Guidance — 4 items

Sub

opening

“Investor Release - Q2 & H1 FY26 Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investor Release – Q2 & H1 FY26 being issued by the Company on the outcome of its Board meeting held on November 11, 2025.”

Sub

opening

“Annuity APE 179 1.9x 185 85% 343 H1 FY24 H1 FY25 H1 FY26 Survey Findings IRIS: Significant Growth in overall IRIS Index from 44 to 48 over the years 2,242 Households 44* 2022 28 Cities covered 47 49 48 2023 2024 2025 ▪ The overall IRIS Index has grown significantly from 44 to 48, with the most significant gains in health preparedness.”

BitSight Security Maturity Score

opening

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

BitSight Security Maturity Score

opening

“Total target of 500 tons till Mar 26 Water Conservation ~1034 KL water recycled through STP in in Q2 at 90C office Gurugram • Waste Management Installed sanitary pad disposal bins at HO & 24 branches resulting in ~102 kg carbon footprint conserved for FY 2025- 26 • Tissue previously discontinued only at Head been Office, 200 discontinued branches effective May 2025.”

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Risks & concerns — 12 flagged

▪ Multi-tier governance and automation for highest impact areas ▪ Quantified risk appetite for – Operational errors – Product set up errors ▪ Comprehensive Vendor due diligence

— Preventive Programs

▪ Customized Incident Management program ▪ Enterprise-wide tool for incident disclosures ▪ Risk certifications for critical processes

— Detective Programs

Risk free rate sensitivities under new business allow for the change in the value of assets as at the date of valuation.

— BitSight Security Maturity Score

▪ For the market consistent methodology, an explicit allowance for the risks is made through the estimation of the Time Value of Financial Options and Guarantees (TVFOG), Cost of Residual Non-Hedgeable Risks (CRNHR) and Frictional Cost (FC) whereas for the traditional EV approach, the allowance for the risk is made through the Risk Discount Rate (RDR).

— BitSight Security Maturity Score

Components of VIF (1/2) Present Value of Future Profits (PVFP) ▪ Best estimate cash flows are projected and discounted at risk free investment returns.