<p><strong>Financial Year 2026 (“FY’26”) Highlights:</strong></p><p>● Max Financial Services Limited reports 17% growth in consolidated revenue<sup> </sup>excluding investment income</p><p>● Axis Max Life’s Private market share increases by 56 bps to 10.4%</p><p>● Individual Adjusted First Year Premium at ₹9,885 crores, grew 19% YoY</p><p>● Gross Written Premium: ₹38,877 crores, up 17% Year-on-Year (YoY)</p><p>● Measure of profitability – Value of New Business (VNB) at ₹2,647 crores with a YoY growth of 26%</p><p>● New business margin improved to 25.2%; Total APE growth of 20% achieved</p><p>● Embedded Value at ₹28,871 crores, grew 15% with an Operating RoEV of 18.7%</p><p>● Individual New Business Sum Assured grew by 42%</p><p>● Assets Under Management (AUM) at ₹1.89 lakh crores, up by 8% YoY</p><p><strong>New Delhi, May 13, 2026: Max Financial Services Limited</strong> has recorded consolidated revenue excluding investment income at ₹38,039 crores, growing 17% year-on-year in FY’26. The consolidated revenue including investment income stands at ₹47,696 crores and consolidated Profit after Tax (PAT) at ₹106 crores in FY’26.</p><p><strong>Axis Max Life Insurance Limited, </strong>formerly known as Max Life Insurance Company Limited (<em>“Axis Max Life” / “Company”</em>), has reported new business growth (Individual Adjusted First Year Premium) of 19% in FY’26, reaching ₹9,885 crores. This has resulted in a private market share gain of 56 basis points (bps) to 10.4%. Axis Max Life has delivered a 20% YoY Annualized Premium Equivalent (APE) growth in the fiscal. This performance was driven by Proprietary channel APE growth of 28% YoY, Total Partnership APE growth of 14%, and New Partnership APE growth of 90%. In the fiscal, Axis Max Life has secured 60 new business partnerships.</p><p>Further, in FY’26, Axis Max Life’s individual renewal premium grew by 16% to ₹24,374 crores, taking the Gross Written Premium to ₹38,877 crores, an 17% YoY increase. Additionally, the Company has reported New Business Margins of 25.2% in FY’26 up from 24% during the same period last year. The Value of New Business, a measure of profitability, experienced a YoY growth of 26%.</p><p><strong>Sumit Madan, Managing Director and CEO, Axis Max Life, said,</strong><em> “Axis Max Life has delivered a double-digit Individual Adjusted FYP growth of 19% in the fiscal, ahead of private industry growth of 12%. This is underpinned by the growth across our proprietary and partnership verticals. This has led our market share to expand by 56 bps and is at 10.4% in FY’26, thus maintaining our market position.”</em></p><p><strong>Key Financial Summary of Axis Max Life:</strong></p>.<p><strong>About Max Financial Services Limited </strong>(<a href="https://protect.checkpoint.com/v2/r05/___https:/maxfinancialservices.com___.YXBzMTpheGlzbWF4bGlmZTE6YzpvOmZmNWU5NWUxODE0Yjc4NWM1Yzc0YzI5NGU0OTBmMmUxOjc6ZDQ2MDpmYmVmODgwYmJmZmQ0MGJkNjkzODc3MzhkNGE0OWJhMTJiN2U4ZjU4MDc4YzY2MjU5ODNjZDY3NzUwZjA2Nzc2OnA6VDpG">https://maxfinancialservices.com</a>)</p><p>Max Financial Services Limited (MFSL) is part of the Max Group. Focused on Life Insurance, MFSL owns and actively manages an ~81% majority stake in Axis Max Life. MFSL is listed on the NSE and BSE.</p><p><strong>Company Information Number - L24223HR1988PLC145368</strong></p><p><strong>About Axis Max Life Insurance Limited </strong>(<a href="https://protect.checkpoint.com/v2/r05/___https:/www.axismaxlife.com___.YXBzMTpheGlzbWF4bGlmZTE6YzpvOmZmNWU5NWUxODE0Yjc4NWM1Yzc0YzI5NGU0OTBmMmUxOjc6YTMzYjo1MWU4YjRmMmRjYTMwOTNjMzIxMTNjZmM5YmY4NDhkZWQyYjRmZTQ0MWJlMmIwMzE5YTEzZjNiYjIxM2IxMGNjOnA6VDpG">https://www.axismaxlife.com</a>)</p><p>Axis Max Life Insurance Limited (the “Company”), formerly known as Max Life Insurance Company Ltd., is a subsidiary of Max Financial Services Limited (“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of the Company. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party partners. The Company has built its operations on a need-based sales process, a customer-centric engagement model and trained human capital. As per audited financials for FY2024-25, Axis Max Life recorded a gross written premium of INR 33,223 crore.</p><p><strong>IRDAI Registration. No – 104</strong></p><p><strong>Company Information Number - U74899HR2000PLC143012</strong></p><p><strong>Disclaimer</strong></p><p><em>This document has been prepared by Max Financial Services Limited (the “Company”) solely for the announcement of the Company’s financial results. This document contains certain forward-looking statements relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. When used in this document, the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “going forward”, “intend”, “may”, “ought” and similar expressions, as they relate to the Company or the Company’s management, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s views as of the date of the Presentation with respect to future events and are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements. The Company assumes no obligation to update or otherwise revise these forward-looking statements for new information, events or circumstances that occur subsequent to the date of the Presentation.</em></p><p><em>No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information and opinions contained herein are subject to change without notice. None of Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.</em></p><p><em>This document does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.</em></p><p><em>The information herein is given to you solely for your own use and information, and no part of this document may be copied or reproduced, or redistributed or passed on, directly or indirectly, to any other person in any manner or published, in whole or in part, for any purpose.</em></p>
<p><strong>Financial Year 2026 (“FY’26”) Highlights:</strong></p><p>● Max Financial Services Limited reports 17% growth in consolidated revenue<sup> </sup>excluding investment income</p><p>● Axis Max Life’s Private market share increases by 56 bps to 10.4%</p><p>● Individual Adjusted First Year Premium at ₹9,885 crores, grew 19% YoY</p><p>● Gross Written Premium: ₹38,877 crores, up 17% Year-on-Year (YoY)</p><p>● Measure of profitability – Value of New Business (VNB) at ₹2,647 crores with a YoY growth of 26%</p><p>● New business margin improved to 25.2%; Total APE growth of 20% achieved</p><p>● Embedded Value at ₹28,871 crores, grew 15% with an Operating RoEV of 18.7%</p><p>● Individual New Business Sum Assured grew by 42%</p><p>● Assets Under Management (AUM) at ₹1.89 lakh crores, up by 8% YoY</p><p><strong>New Delhi, May 13, 2026: Max Financial Services Limited</strong> has recorded consolidated revenue excluding investment income at ₹38,039 crores, growing 17% year-on-year in FY’26. The consolidated revenue including investment income stands at ₹47,696 crores and consolidated Profit after Tax (PAT) at ₹106 crores in FY’26.</p><p><strong>Axis Max Life Insurance Limited, </strong>formerly known as Max Life Insurance Company Limited (<em>“Axis Max Life” / “Company”</em>), has reported new business growth (Individual Adjusted First Year Premium) of 19% in FY’26, reaching ₹9,885 crores. This has resulted in a private market share gain of 56 basis points (bps) to 10.4%. Axis Max Life has delivered a 20% YoY Annualized Premium Equivalent (APE) growth in the fiscal. This performance was driven by Proprietary channel APE growth of 28% YoY, Total Partnership APE growth of 14%, and New Partnership APE growth of 90%. In the fiscal, Axis Max Life has secured 60 new business partnerships.</p><p>Further, in FY’26, Axis Max Life’s individual renewal premium grew by 16% to ₹24,374 crores, taking the Gross Written Premium to ₹38,877 crores, an 17% YoY increase. Additionally, the Company has reported New Business Margins of 25.2% in FY’26 up from 24% during the same period last year. The Value of New Business, a measure of profitability, experienced a YoY growth of 26%.</p><p><strong>Sumit Madan, Managing Director and CEO, Axis Max Life, said,</strong><em> “Axis Max Life has delivered a double-digit Individual Adjusted FYP growth of 19% in the fiscal, ahead of private industry growth of 12%. This is underpinned by the growth across our proprietary and partnership verticals. This has led our market share to expand by 56 bps and is at 10.4% in FY’26, thus maintaining our market position.”</em></p><p><strong>Key Financial Summary of Axis Max Life:</strong></p>.<p><strong>About Max Financial Services Limited </strong>(<a href="https://protect.checkpoint.com/v2/r05/___https:/maxfinancialservices.com___.YXBzMTpheGlzbWF4bGlmZTE6YzpvOmZmNWU5NWUxODE0Yjc4NWM1Yzc0YzI5NGU0OTBmMmUxOjc6ZDQ2MDpmYmVmODgwYmJmZmQ0MGJkNjkzODc3MzhkNGE0OWJhMTJiN2U4ZjU4MDc4YzY2MjU5ODNjZDY3NzUwZjA2Nzc2OnA6VDpG">https://maxfinancialservices.com</a>)</p><p>Max Financial Services Limited (MFSL) is part of the Max Group. Focused on Life Insurance, MFSL owns and actively manages an ~81% majority stake in Axis Max Life. MFSL is listed on the NSE and BSE.</p><p><strong>Company Information Number - L24223HR1988PLC145368</strong></p><p><strong>About Axis Max Life Insurance Limited </strong>(<a href="https://protect.checkpoint.com/v2/r05/___https:/www.axismaxlife.com___.YXBzMTpheGlzbWF4bGlmZTE6YzpvOmZmNWU5NWUxODE0Yjc4NWM1Yzc0YzI5NGU0OTBmMmUxOjc6YTMzYjo1MWU4YjRmMmRjYTMwOTNjMzIxMTNjZmM5YmY4NDhkZWQyYjRmZTQ0MWJlMmIwMzE5YTEzZjNiYjIxM2IxMGNjOnA6VDpG">https://www.axismaxlife.com</a>)</p><p>Axis Max Life Insurance Limited (the “Company”), formerly known as Max Life Insurance Company Ltd., is a subsidiary of Max Financial Services Limited (“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of the Company. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party partners. The Company has built its operations on a need-based sales process, a customer-centric engagement model and trained human capital. As per audited financials for FY2024-25, Axis Max Life recorded a gross written premium of INR 33,223 crore.</p><p><strong>IRDAI Registration. No – 104</strong></p><p><strong>Company Information Number - U74899HR2000PLC143012</strong></p><p><strong>Disclaimer</strong></p><p><em>This document has been prepared by Max Financial Services Limited (the “Company”) solely for the announcement of the Company’s financial results. This document contains certain forward-looking statements relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. When used in this document, the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “going forward”, “intend”, “may”, “ought” and similar expressions, as they relate to the Company or the Company’s management, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s views as of the date of the Presentation with respect to future events and are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements. The Company assumes no obligation to update or otherwise revise these forward-looking statements for new information, events or circumstances that occur subsequent to the date of the Presentation.</em></p><p><em>No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information and opinions contained herein are subject to change without notice. None of Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.</em></p><p><em>This document does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.</em></p><p><em>The information herein is given to you solely for your own use and information, and no part of this document may be copied or reproduced, or redistributed or passed on, directly or indirectly, to any other person in any manner or published, in whole or in part, for any purpose.</em></p>