**Business Performance:** Max Financial Services (MFSL) reported FY'26 revenue (excluding investment income) of ₹38,039 Cr, marking a 17% increase, with consolidated profit after tax at ₹106 Cr.

Axis Max Life Insurance showed strong performance, with Individual Adjusted First Year Premium surging 19% YoY to ₹9,885 Cr, outperforming the private industry.

Gross Written Premium grew 16% to ₹38,877 Cr, and Assets Under Management (AUM) reached ₹1,89,795 Cr. **Growth Drivers/Strategy:** Performance was boosted by a balanced product mix and robust volumes.

Proprietary channels saw a 28% APE growth, while new partnership APE jumped 90%. Key strategic focus areas include expanding protection & health offerings (53% APE growth) and annuity products (113% APE growth). **Recent Developments:** Max Life launched new products, including an Online Savings Plan Plus, a Corporate Advantage in Retirement and Employee Benefit Smart Plan, and a Group Smart Health Insurance Plan. **Key Financial Metrics:** * FY'26 Revenue (ex-investment income): ₹38,039 Cr (+17% YoY) * Consolidated PAT: ₹106 Cr * Value of New Business (VNB): ₹2,647 Cr (+26% YoY) * New Business Margin (NBM): 25.2% (up from 24.0% in FY'25) * Embedded Value: ₹28,871 Cr **Management Commentary / Outlook:** Management highlighted a continued focus on long-term opportunities in the protection and retirement segments, alongside a strong commitment to customer satisfaction, evidenced by a 99.70% claims paid ratio.

ESG initiatives are also central to their sustainable growth plans.