Q2 2026 Max Financial Services Ltd Earnings Call Transcript
Key Points
- Max Financial Services Ltd (BOM:500271) reported an 18% growth in individual adjusted first-year premium for H1 FY26, outperforming the private sector's 8% growth and the overall industry's 2% growth.
- The company's private market share improved by 83 basis points, reaching 10.1%, indicating strong market positioning.
- Max Financial Services Ltd (BOM:500271) achieved a 24% two-year CAGR, significantly ahead of the private sector's 16% and the industry's 11%.
- The annuity business saw substantial growth, with an 85% increase in H1 FY26 and a 122% increase in Q2 FY26, driven by strong execution in both retail and corporate annuity pools.
- The company maintained a strong focus on customer satisfaction, with improvements in Net Promoter Score and persistency metrics, reflecting robust customer engagement and retention.
- The non-availability of input tax credit due to recent GST changes may have a short-term impact on annualized margins.
- Max Financial Services Ltd (BOM:500271) reported a lower consolidated profit after tax of INR92 crore, primarily due to fair value changes and GST expenses.
- The company's ULIP product mix has been reduced, which may impact certain customer segments and sales channels.
- There is a potential 300 to 350 basis points margin impact due to GST changes if no mitigating actions are taken.
- Growth in the Axis Bank channel was relatively muted at 7%, indicating potential challenges in maximizing this partnership's potential.
Ladies and gentlemen, good morning, and welcome to the Max Financial Services Limited Q2 and H1 FY26 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Nishant Kumar, Chief Financial Officer of Max Financial Services Limited. Thank you, and over to you, sir.
Good morning, everyone. Thank you for joining Max Financial's earnings call for the quarter ended September 30, 2025. We are pleased to present our quarter-two financial year '26 results, which are now available on our website as well as on the stock exchanges.
Joining me today are Mr. Sumit Madan, Managing Director and CEO; and Mr. Amrit Singh, Chief Financial Officer of Axis Max Life Insurance.
With that, I would like to invite Sumit to share the key developments and performance highlights from the second quarter of financial year '26. Over to you, Sumit.
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