**Business Performance:** Max Financial Services (MFSL) reported 9M FY26 consolidated revenue (excl. investment income) climbed 18% to Rs 24,625 Cr; PAT Rs 137 Cr.

Axis Max Life’s individual adjusted first-year premium grew 20%, outperforming industry, boosting market share to 9.8%. Retail Protection & Health APE surged 57% (Rs 933 Cr), Annuity APE more than doubled (+107%, Rs 630 Cr). **Growth Drivers & Strategy:** Strategy targets "segments of choice" like Protection & Annuity.

Proprietary channels showed robust 29% growth.

Digital transformation, including AI for sales/service, plus 51 new partnerships, are key levers. **Recent Developments:** New products: Online Savings Plan Plus and Corporate Advantage in Retirement.

Digital updates: Generative AI tools and a new customer app launched for self-service and cross-selling. **Key Financial Metrics:** 9M FY26 VNB rose 30% to Rs 1,633 Cr; New Business Margin at 23.6%. AUM hit Rs 1,92,668 Cr.

Solvency Ratio remains strong at 201%. **Management Outlook:** Leadership aims for continued dominance in Protection, Health, and Retirement.

Future plans emphasize aggressive digital/AI adoption, strengthening bancassurance, and exploring inorganic expansion for sustained market position.