As per the Investor Release attached

October 27, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400 021 Mumbai – 400 051 Scrip Code: 500271 Symbol: MFSL Sub: Investor Release - H1FY27 Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investor Release – H1FY27 being issued by the Company on the outcome of its Board meeting held on October 27, 2026. You are requested to kindly take the aforesaid on record. Thanking you, Yours faithfully For Max Financial Services Limited Siddhi Suneja Company Secretary & Compliance Officer Encl: as above MAX FINANCIAL SERVICES LIMITED CIN: L24223HR1988PLC145368 Corporate Office: L20M(21), Max Towers, Plot No. C-001/A/1, Sector-16B, Noida- 201301 P: + 91 120 4696000 I Email: investorhelpline@maxfinancialservices.in I Website: www.maxfinancialservices.com Regd. Office: Plot No. 90-C, Sector – 18, Urban Estate, Gurugram – 122015, Haryana Max Financial Performance Update Investor Release H1 FY’27 October 27, 2026 ^Individual Death Claims Paid Ratio as per Annual Audited Financials for FY 25-26, Claims Paid Ratio rounded off to the nearest single decimal figure | **As per financials closed on 30thJune 2026. SECTION I  Max Financial Services and Axis Max Life Insurance H1 FY’27 Key Highlights Key highlights of Max Financial Services and Axis Max Life Insurance for H1 FY’27 ▪ MFSL revenue1 excluding investment income at Rs 17,484 cr, grows 16% in H1 FY’27. Consolidated Profit After Tax at Rs 219 cr up 137% ▪ Individual Adj FYP at Rs 4,368 cr grew by 12% and 3 year CAGR of 20% Revenue ▪ Total APE2 at Rs 4,638 cr grew by 11% on a YoY basis and 3-year CAGR of 19% ▪ Renewal premium grew 18%, driven by highest ever persistency across later cohorts (37M, 49M and 61M) ▪ H1 FY’27 VNB at 1,180 cr grew by 21% yoy and NBM at 25.4 %. Q2 FY’27 VNB at 734 cr grew by 15% yoy and NBM at 27.0% ▪ H1 FY’27 operating RoEV is at 17.3% and MCEV as of Sept’26 at Rs 31,437 cr Value creation ▪ Solvency ratio at 197% as of Sep’26 aided by a Debt raise of 686 cr ▪ Policyholder Cost to GWP ratio improved 165 bps yoy, from 26.2% in H1 FY26 to 24.5% in H1 FY27. Excluding GST PH Cost to GWP ratio improved by 290 bps, to 22.5% in H1 FY’27 from 25.4% in H1 FY’26 ▪ Proprietary channels APE grew by 12% on YoY basis during H1 FY’27 driven by strong growth of 28% in Online proprietary Distribution ▪ Axis channel grew by 8% & other partnerships grew by strong 21% leading to Partnership channel APE to grow by 11% during H1 FY’27 strength ▪ Maintained leadership position3 at Overall E-commerce ▪ Successfully on-boarded 15 new partners during H1 FY’27 ▪ Overall Retail Protection & Health APE grew by 27% to Rs 685 cr during H1 FY’27, driven by Pure Protection4 growth of 37% Segments of ▪ Annuity APE grew by 125% to Rs 772 cr during H1 FY’27 and by 130% to Rs 526 cr during Q2 FY’27 Choice ▪ Maintained Rank 3 in Individual Sum Assured with a growth of 18% during H1 FY’27 ▪ GIFT City business scaling up rapidly, with the product now contributing >5% of ULIP APE ▪ Launched Smart Retirement Income with Sustained Earnings Plan contributing 8% of Total APE, expanding the retirement proposition Product with flexible lifelong income and a NIFTY 50-linked variable annuity option for potential income growth Innovation ▪ Relaunched Smart Term Plan Plus with 8 flexible protection variants, life cover up to age 100, and enhanced women-centric benefits including maternity cover and Lifeline Plus. ▪ Axis Max Life recognized among Top 50 India's Best Workplaces for Women 2026 (Large Category), by the Great Place To Work® Institute People & ▪ MFSL ESG Rating by CRISIL improved by 8 points from 62 in FY’25 to 70 in FY26, demonstrating sustained ESG integration Partnership ▪ Axis Max Life and Axis Bank has been honored with the 'India's Best Bancassurance Partnership' award at the Insurance Asia News Country Awards for Excellence 2026 3 Note: 1MFSL Consolidated Revenue including investment income at Rs 26,582 Cr, Up 17% in H1 FY’27; All other numbers above are for Axis Max Life Insurance; 2Excluding Group Term Life; 3Company Estimates ; 4Pure protection is ex-Riders and Health business Axis Max Life Insurance’s financial performance summary for H1 FY’27 Total APE1 Ind Adjusted FYP Gross Written Premium Renewal Premium Rs 4,638 cr 11% Rs 4,368 12% Rs 18,066 cr 17% Rs 11,247 cr 18% [Rs 4,175 cr] [Rs 3,891 cr] [Rs 15,490 cr] [Rs 9,503 cr] AUM Profit Before tax Net Worth Policyholder Opex to GWP Ratio2,3 Rs 2,05,657 cr 11% Rs 234 cr 35% Rs 6,830 cr 9% 13.7% -174 bps [Rs 1,85,336 cr] [Rs 172 cr] [Rs 6,294 cr] [15.5%] New business margin Operating RoEV Embedded Value Solvency 25.4% 210 bps 17.3% 100 bps Rs 31,437 cr 17% 197% Value of New Business Policies Sold (‘000) Ind. New business Protection Mix** Sum assured Individual Group Total Rs 1,180 cr 21% 425 9% Rs 2,55,308 cr 18% 14% 7% 21% [Rs 974 cr] [391] [Rs 2,15,673 cr] Note:Figures in [brackets] are for previous year numbers. Totals may not match due to rounding **Group protection (incl. Group INR credit life adjusted for 10% for single premium and term business); 1Excluding Group Term Life; 4 2PH Opex to GWP = ( Opex + Provision for doubtful debts )/Gross written premium, 3Opex is inclusive of GST on Commissions and expenses SECTION II  Axis Max Life Insurance- Business Overview and Financial Update Key Highlights for Axis Max Life FY21-26 (1/2) 5-Yr CAGR of 15% on 1 Asset Under Management at Consistent Individual new business INR ~1.9 lakh cr, CAGR leadership2 h of 16% over position in 12% for Total life last 5 years Online Business o insurance industry1 s 5-Yr APE CAGR of n 5-Yr APE CAGR of Retail Protection APE C 28% in 10% in Partnership ~3x in Proprietary channels last 5 years channels VNB CAGR of 16% e 5-Yr Embedded Value in 5 years e CAGR of 20% Source: 1 Individual Adjusted FYP; 2Company estimates among Life insurers; 3CAGR of MFSL’s Market cap from Mar-21 to Mar-26 ; 4Represents cumulative annualized operating ROEV 6 Key Highlights for Axis Max Life FY21-26 (2/2) Experienced leadership1 e y Great Places to Work with half of Accorded the Laureate4 l the leadership’s honor by Great Places to p Rank #28 in FY26 m tenure with Axis Max Life Work of a decade or more Company NPS2 at Continued leadership for third time m Claims paid ratio in customer experience for 60 and o t at 99.8% in FY26 4th consecutive year with Rank s TNPS at 63 C #1 as per Hansa research in FY’26 Highest Share of Brand Consideration Maintained rank #3 in n a Voice in the industry score3 improved by 6% Brand Search Query r B in FY26 with 50% in the industry in FY26 Vs FY25 share Note: 1. Includes CVP & above; 2. Net promoter Score (NPS) as a measure of customer experience was adopted by Axis Max Life in FY19 done by Kantar, TNPS: Transaction NPS; 3. As per syndicated Life Insurance brand 7 track study by Kantar & Numer; 4. For being among top 100 great places to work for a decade Sustained strong Q2 growth across channels over the last three years Industry leading outcomes Secular Growth Segments of choice Individual Adjusted FYP Partnership APE growth Pure Protection3 Q2 YoY growth% Q2 3Y CAGR Q2 Market share1 10.1% Q2 YoY growth % Q2 3Y CAGR Up 122 bps since Q2 FY’24 14% 219 10% 9% Pvt Industry AMLI Axis Other partnership Q2 FY'24 Q2 FY'26 Q2 FY'27 Number of Policies Proprietary APE growth Annuity APE4 Q2 YoY growth% Q2 3Y CAGR Q2 YoY growth% Q2 3Y CAGR 7% 7% Pvt Industry AMLI Offline Online Q2 FY'24 Q2 FY'26 Q2 FY'27 Note: Numbers may not add up sue to rounding off; 1Among private Life insurance companies, 2Pure protection excludes riders & Health; Axis Max life Growth driven by strong New Business & Renewal Business momentum New Business Premiums (on APE1 basis) Renewal Income – Delivering consistent growth Amount in INR cr Amount in INR cr 4,638 24,374 11,247 10,502 4,175 21,049 8,770 9,50 [Showing first 8,000 characters — download PDF for full document]