**1. Business Performance:** Max Financial Services (MFSL) delivered solid H1 FY26. Consolidated revenue (ex-investments) climbed 18% to ₹15,090 Cr.

Max Life's individual new business premiums jumped 18% to ₹3,891 Cr, outperforming the private industry.

Market share reached 10.1%. Total Gross Written Premium grew 18% to ₹15,490 Cr.

Notably, Retail Protection & Health APE soared 36% to ₹540 Cr, and Annuity APE surged 85% to ₹343 Cr.

Max Life's PBT, however, dipped to ₹172 Cr (from ₹267 Cr). **2. Growth Drivers or Strategy:** Focus remains on digital innovation, customer centricity, and sustainable growth.

Proprietary channels posted 17% APE growth, with partnerships up 13%. Digital leadership in online protection and savings is maintained. **3. Recent Developments:** Max Life expanded its network by onboarding 31 new partners.

It launched a Group Smart Health Insurance Plan and new options for its SWAG Pension plan.

A ₹800 Cr sub-debt infusion boosted solvency to 208%. **4. Key Financial Metrics:** Value of New Business (VNB) rose 27% to ₹974 Cr, with a New Business Margin of 23.3%. Embedded Value stands strong at ₹26,895 Cr. **5. Management Commentary / Outlook:** Management anticipates continued industry-leading growth, prioritizing digital transformation, AI integration, enhanced customer retention, and deeper bancassurance alliances for long-term shareholder value.