Max Financial Services Ltd.H1 VNB +21%, margin 25.4%, solvency 197%

Max Financial Services' Q2 FY27 call, held on 28 October 2026, reported strong profitability at Axis Max Life.

H1 value of new business rose 21% to ₹1,180 crore and the VNB margin expanded 210 basis points to 25.4%, with Q2 at 27% despite the GST impact. Total APE grew 11% in H1 and 8% in Q2, annuities grew 130% in Q2 and group credit life grew 41%, while Axis Bank APE grew only 4%. Embedded value reached ₹31,437 crore, up 17%, operating ROEV rose to 17.3% and the policyholder expense ratio improved 174 basis points to 13.7%.

Solvency is 197% after ₹686 crore of debt raised in September. Management said it is confident of meeting the draft commission and Expenses of Management limits, with the ratio moving from about 25% toward 15%, and expects faster APE growth in the second half and a VNB margin closer to 26%. Thirteen-month persistency fell to 83% from 85%, with stress concentrated in a non-participating design stopped in March.