About Max Financial Services Limited (MFSL)

Max Financial Services Limited (MFSL) is a public limited company incorporated on February 24, 1988, and listed on the NSE and BSE. The Company is primarily engaged in growing and nurturing business investments and providing management advisory services to group companies in India. Part of the Max Group, MFSL serves as the holding company for Axis Max Life Insurance Limited (formerly Max Life Insurance Company Limited). MFSL maintained an 80.98% majority stake in Axis Max Life during the year, underscoring its focused presence in the life insurance sector. Through its material subsidiary, the Group offers comprehensive protection and long-term savings life insurance solutions distributed via multi-channel platforms, including agency and third-party partners.

Geographically, Axis Max Life’s reach extends beyond Metro and Tier-1 cities into smaller cities, strengthening presence across India by leveraging the association with Axis Bank. MFSL has 2 subsidiaries as of March 31, 2025.

Max Financial Services Limited Milestone

Key milestones include shareholder approval on September 27, 2023, for Axis Max Life to raise capital via a preferential issue to Axis Bank for up to Rs 1,612 crore, determined using the DCF method. Following the Competition Commission of India’s approval on April 2, 2024, Axis Bank subscribed to 14,25,79,161 equity shares of Axis Max Life on April 17, 2024, at Rs 113.06 per share (including Rs 103.06 as share premium). After this infusion, Axis Entities collectively hold 19.02% of Axis Max Life, with the right to purchase an additional 0.98% from MFSL. In FY2025, the brand transitioned from Max Life Insurance to Axis Max Life Insurance Limited, reflecting the integration of two trusted names in financial services.

Max Financial Services Limited Key Management

• Analjit Singh, Chairman

• K. Narasimha Murthy, Director

• Sahil Vachani, Director

• V Krishnan, Manager (Principal Officer)

• Nishant Kumar, Chief Financial Officer

• Piyush Soni, Company Secretary

Latest Updates on Max Financial Services Limited

• Capital raise and shareholding: Axis Bank received CCI approval on April 2, 2024, and subscribed on April 17, 2024, to 14,25,79,161 equity shares of Axis Max Life at Rs 113.06 per share on a preferential basis, aggregating Rs 1,612 crore. Post the infusion, Axis Entities collectively hold 19.02% of Axis Max Life and have the right to purchase 0.98% more from MFSL.

• Brand transition: In FY2025, the life insurer refreshed its brand from Max Life Insurance to Axis Max Life Insurance Limited, signalling a deeper integration and enabling a wider presence beyond metros into smaller cities.

• Distribution expansion: During the year, the Company expanded reach by onboarding 40+ new distribution partners across banks, corporate agents, brokers and GCL partners. Proprietary and other channels grew 30%, while the Banca channel grew 12% on Individual adjusted FYP basis.

• Performance indicators (subsidiary): Axis Max Life reported an Embedded Value of Rs 25,192 crore in FY2025, with Operating RoEV at 19.1%. The New Business Margin for FY2024 was 24% (at actual costs), and VNB stood at Rs 2,107 crore, growing ~7%.