As per the Press 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: Press Release Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Regulations and Disclosure Requirements) Regulations, 2015, we are enclosing the Press Release being issued by the Company. You are requested to kindly take the aforesaid on record. 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 E-mail: investorhelpline@maxfinancialservices.in I Website: www.maxfinancialservices.com Regd. Office: Plot No. 90-C, Sector-18, Urban Estate, Gurugram, Haryana-122015 Axis Max Life’s profitability measure VNB increases 21% YoY; Individual Adjusted First Year Premium grew 12% YoY in H1 FY’27 First Half Financial Year 2027 (“H1 FY’27”) Highlights: ● Max Financial Services Limited reports 16% growth in consolidated revenue excluding investment income ● Axis Max Life Insurance Limited’s private market share at 10.1% in H1 FY’27 ● Individual Adjusted First Year Premium at ₹4,368 crores, grew by 12% ● VNB (measure of profitability) at ₹1,180 crores with a YoY growth of 21.1% ● New business margin improved by 210 bps to 25.4% in H1 FY’27 and by 150 bps to 27.0% in Q2 FY’27 ● Embedded Value at ₹31,437 crores, grows by 17% with an Operating RoEV of 17.3% ● Gross Written Premium: ₹18,066 crores, up 17% Year-on-Year (YoY) ● Individual New Business Sum Assured grew by 18% ● Assets Under Management (AUM) at ₹2.06 lakh crores, as of September 30, 2026; up by 11% Noida, October 27, 2026: Max Financial Services Limited has recorded consolidated revenue excluding investment income at ₹17,484 crores that grew by 16% YoY in H1 FY’27. The consolidated revenue including investment income stood at ₹26,582 crores up by 17%, while consolidated PAT stood at ₹219 crores in H1 FY’27 up by 137%. Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited (“Axis Max Life” / “Company”), has announced new business growth (Individual Adjusted First Year Premium) of 12% to ₹4,368 crores with a private market share at 10.1%. The Value of New Business (VNB) for H1 FY’27 increased by 21% YoY to ₹1,180 crores, while the VNB margin expanded by 210 basis points to 25.4%, supported by continued momentum in the protection and retirement segments. The Company strengthened its leadership position in protection, with the pure retail protection business growing 37% YoY, driven by sustained customer demand and disciplined execution. Retirement continues to represent a significant long-term growth opportunity for Axis Max Life. During Q2 FY’27, the Company launched Smart Retirement Income with Sustained Earnings Plan (SMART RISE) (UIN: 104N160V01), an innovative solution combining flexible lifelong income with a market linked variable annuity option. Supported by strong customer acceptance, the Company’s annuity business grew 130% YoY in Q2 FY’27. Axis Max Life also delivered robust renewal performance, with renewal premium growing 18% YoY to ₹11,247 crores in H1 FY’27. Consequently, Gross Written Premium increased 17% to ₹18,066 crores, reflecting the strength of the Company’s franchise and customer engagement. Sumit Madan, Managing Director and CEO, Axis Max Life, said, “Our H1 FY’27 performance reflects the strength of our distribution franchise, disciplined execution, and continued focus on delivering sustainable, customer- centric growth. We welcome IRDAI’s efforts to evolve the distribution framework in a manner that balances customer interests with industry growth objectives. The proposed emphasis on simpler distribution economics, stronger persistency outcomes, better alignment of commissions and expenses, and enhanced policyholder protection is a step in the right direction. We believe a balanced and consultative approach will further strengthen trust in the insurance ecosystem, support innovation and accessibility, and accelerate the sector’s long-term growth.” Amrit Singh, Chief Financial Officer, Axis Max Life, said, “We delivered a strong performance in the first half of the fiscal, with Individual Adjusted First Year Premium growing by 12%. Our renewal premium rose 18%, driving 17% growth in Gross Written Premium. An improved product mix lifted the VNB Margin to 25.4% and supported 21% growth in Value of New Business. Our Embedded Value as of Sep 30, 2026 stood at ₹31,437 crores, growth of 17% YoY. Annualized operating RoEV improved by 100 bps to 17.3% in H1 FY27, reflecting our continued focus on delivering profitable and sustainable growth.” Key Financial Summary of Axis Max Life: ₹ Crores H1 FY’27 H1 FY'26 YoY Financial performance Summary Individual Adjusted FYP 4,368 3,891 12% Total APE 4,638 4,175 11% Renewal Premium 11,247 9,503 18% Gross Written Premium 18,066 15,490 17% Number of Policies (000's) 425 391 9% PH Opex to GWP ratio (Including GST) 13.7% 15.5% -174 bps PH Opex to GWP ratio (Excluding GST) 11.7% 14.6% -290 bps PH Cost to GWP ratio (Excluding GST) 22.5% 25.4% -290 bps Individual New business Sum Assured 2,55,308 2,15,763 18% Assets Under Management 2,05,657 1,85,336 11% Embedded Value 31,437 26,895 17% RoEV 17.3% 16.3% 100 bps New Business Margins 25.4% 23.3% 210 bps Value of new business 1,180 974 21% Solvency 197% 208% About Max Financial Services Limited Max Financial Services Limited (MFSL) is part of India’s leading business conglomerate - the Max Group. Focused on Life Insurance, MFSL owns and actively manages an ~80% majority stake in Axis Max Life. Company Information (Identification) Number - L24223HR1988PLC145368 About Axis Max Life Insurance Limited (https://www.axismaxlife.com) Axis Max Life Insurance Limited (the “Company”), formerly known as Max Life Insurance Company Ltd., is a subsidiary of Max Financial Services Limited (“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of the Company. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party partners. The Company has built its operations on a need-based sales process, a customer centric engagement model and trained human capital. As per audited financials for FY2025-26, Axis Max Life recorded a gross written premium of INR 38,877 crores. IRDAI Registration. No – 104 Company Identification Number - U74899HR2000PLC143012 Disclaimer This document has been prepared by Max Financial Services Limited (the “Company”) solely for the announcement of the Company’s financial results. This document contains certain forward-looking statements relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. When used in this document, the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “going forward”, “intend”, “may”, “ought” and similar expressions, as they relate to the Company or the Company’s management, are intended to identify forward- looking statements. These forward-looking statements reflect the Company’s views as of the date of the Presentation with respect to future events and are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements. The Company assumes no obligation to update or otherwise revise these forward-looking [Showing first 8,000 characters — download PDF for full document]