Q3 2026 Max Financial Services Ltd Earnings Call Transcript
Key Points
- Max Financial Services Ltd (BOM:500271) reported a strong 20% growth in individual adjusted first-year premium for the first nine months of FY26, significantly outpacing the industry growth of 10%.
- The company achieved a private market share expansion of 53 basis points, bringing its share to 9.8%.
- Retail Annual Premium Equivalent (APE) grew by 30% in Q3 FY26, driven by a 52% growth in proprietary channels.
- The company's annuity business reported a robust growth of 141% in Q3 FY26, driven by both retail and corporate annuity pools.
- Max Financial Services Ltd (BOM:500271) maintained a healthy solvency position at 201% as of December 31, 2025.
- Consolidated profit after tax was lower than the previous year due to fair value chain impact and GST expense impact.
- The policyholder operating expense to Gross Written Premium (GWP) ratio increased to 15.8% during the nine months of FY26, partly due to GST disallowance and a one-time gratuity provision.
- The company's 13-month persistency rate experienced pressure, attributed to certain product categories and new surrender regulations.
- Margins were impacted by GST changes, although the company managed to mitigate a portion of this impact.
- The transition to the new brand name AccessMaxlife.com temporarily affected SEO rankings, although visibility has since been restored.
(audio in progress) Max Financial Services Limited Q3 and 9M FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I will now hand the conference over to Mr. Nishant Kumar, Chief Financial Officer of Max Financial Services Limited for opening remarks. Thank you, and over to you, sir.
Good morning, everyone, and thank you for joining Max Financial's earnings call for the quarter ended December 31, '25. We are pleased to present our quarter three FY26 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 third quarter of financial year '26. Thank you. And over to you, sir.
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