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Informist, Tuesday, Nov. 11, 2025

 

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--Max Financial Jul-Sept consol PAT INR 41.2 mln vs INR 1.13 bln year ago 
--Max Financial Q2 consol revenue INR 97.92 bln vs INR 133.72 bln year ago 
--Max Financial Apr-Sept consol PAT INR 737.6 mln vs INR 2.40 bln year ago 
--Max Financial H1 consol revenue INR 226.13 bln vs INR 251.70 bln yr ago 
--Max Fincl AUM INR 1.85 tln as of Sept 30 vs INR 1.70 tln yr ago

 

By Shubham Rana

 

NEW DELHI – Max Financial Services Ltd.'s consolidated net profit for the September quarter fell 96% on year, making it the sharpest year-on-year fall in net profit since at least 2019, data available with Informist showed. The bottom line fell sharply because of a decline in policyholders' income from life insurance operations. 

 

Max Financial, the holding company of Axis Max Life Insurance Ltd., reported a consolidated net profit of INR 41.2 million for Jul-Sept, down from INR 1.13 billion a year ago. Sequentially, the net profit was down 94%. This is the second consecutive quarter when Max Financial's net profit has declined on a year-on-year basis.

 

Policyholders' income from life insurance operations fell 27% on year and 24% on quarter to INR 96.34 billion, weighing on total income and the net profit.

 

The company's total revenue from operations fell 27% on year to INR 97.92 billion in the September quarter. At 27%, the fall in revenue from operations was the biggest in three quarters. Policyholders' expenses of life insurance operations declined 26% on year to INR 97.54 billion in Jul-Sept, bringing down total expenses 26% to INR 97.92 billion.

 

While net premium income from life insurance operations rose 17% on year to INR 88.87 billion in the September quarter, a loss on fair value changes in policyholders' investments weighed on the total income. The company reported a loss of INR 25.60 billion on fair value changes in policyholders' investments in the September quarter against a gain of INR 48.75 billion a year ago.

 

Axis Max Life Insurance, Max Financial's subsidiary, reported a gross written premium of INR 154.90 billion in the first half of 2025-26 (Apr-Mar), up 18%. Axis Max Life's annualised premium equivalent rose 15% to INR 41.75 billion in Apr-Sept.

 

The life insurance company's assets under management were up 9% on year at INR 1.85 trillion as of Sept. 30. Value of new business rose 27% to INR 9.74 billion in Apr-Sept. The new business margins during Apr-Sept rose 210 basis points to 23.3%. The solvency ratio was 208% as of Sept. 30, up from 198% a year ago.

 

Max Financial's consolidated net profit during Apr-Sept was INR 737.6 million, down from INR 2.40 billion a year ago. Consolidated revenue from operations was down 10% at INR 226.13 billion in Apr-Sept. Shares of Max Financial Tuesday ended 1% higher at INR 1,635.50 on the National Stock Exchange. The company released its financial results for the September quarter after market hours.  End

 

Edited by Akul Nishant Akhoury

 

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