Earnings Review
Max Fincl PAT down 35% on year as expenses outpace revenues
This story was originally published at 20:09 IST on 11 February 2026
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--Max Financial Oct-Dec consol PAT INR 365.60 mln vs INR 560.40 mln yr
--Max Financial Oct-Dec consol revenue INR 142.59 bln vs INR 89.23 bln yr ago
--Max Financial Apr-Dec consol PAT INR 1.10 bln vs INR 2.96 bln yr ago
--Max Financial Apr-Dec consol revenue INR 368.7 bln vs INR 340.9 bln yr ago
By Priyasmita Dutta
NEW DELHI – Max Financial Services Ltd.'s consolidated net profit for the December quarter fell 35% on year, marking the fifth consecutive quarter when the profits declined on year, data available with Informist showed. The bottom line fell because its expenses grew faster than its revenues, especially policyholders' expenses in life insurance operations. However, its net profit was nearly nine times what it was a quarter ago.
Max Financial, the holding company of Axis Max Life Insurance Ltd., reported a consolidated net profit of INR 365.6 million, down from INR 560.4 million a year ago. Sequentially, net profit rose 787%.
Policyholders' income from life insurance operations rose nearly 60% on year and 46% on quarter to INR 140.51 billion, while expenses on this account rose nearly 61% on year and over 45% on quarter to INR 141.61 billion. Besides, the company's finance costs also surged from a year ago and a quarter ago, weighing on the bottom line. Its finance cost in the December quarter, at INR 359.3 million, was more than triple the year-ago figure. Sequentially, it was up by more than 70%.
The company's total revenue from operations rose 60% on year to INR 142.59 billion in the December quarter. At 60%, the rise in revenue from operations was the highest in 11 quarters. Total expenses, on the other hand, rose 61% on year to INR 142.17 billion in the December quarter. This was the sharpest on-year rise in expenses in eight quarters.
Axis Max Life Insurance, Max Financial's subsidiary, reported a gross written premium of INR 251.95 billion in the first nine months of 2025-26 (Apr-Mar), up 18% on year. Axis Max Life's annualised premium equivalent rose 21% to INR 69.08 billion in Apr-Dec.
The life insurance company's assets under management were up 12% on year at INR 1.93 trillion as of Dec. 31. The value of new business rose 30% to INR 16.33 billion in Apr-Dec. The new business margins during Apr-Dec rose 175 basis points to 23.6%. The solvency ratio was 201% as of Dec. 31, up from 196% a year ago.
Max Financial's consolidated net profit during Apr-Dec was INR 1.10 billion, down from INR 2.96 billion a year ago. Consolidated revenue from operations was up over 8% at INR 368.72 billion in Apr-Dec. Wednesday, shares of Max Financial ended 0.8% lower at INR 1,734.10 on the National Stock Exchange. The company released its financial results for the December quarter after market hours. End
Edited by Saji George Titus
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