Analysts/Institutional Investor Meet/Con. Call Updates

November 3, 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 Scrip Code: MFSL Sub: Transcript of Investors & Analysts Conference Call Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Transcript of Investors & Analysts Conference Call held on October 28, 2026, post declaration of unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026, is enclosed. The same has also been uploaded on the website of the Company at https://maxfinancialservices.com/static/uploads/stakeholder/earnings-call-transcript-q2-and-h1- fy27-oct-28-2026.pdf. 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: L24223HR1988PL145368 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 Services Limited Q2 and H1 FY27 Earnings Conference Call October 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Max Financial Services Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. 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, for opening remarks. Thank you, and over to you, sir. Nishant Kumar: Good morning, everyone, and thank you for joining Max Financial's earnings call for the quarter ended September 30, 2026. Our Quarter 2 FY27 results have been released and are 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, let me hand over the call to Sumit to take you through our performance and key developments during the second quarter of FY27. Sumit Madan: Thank you, Nishant, and good morning, everyone. The second quarter of FY27 was indeed marked by heightened global uncertainty, a changing interest rate environment and significant regulatory developments for the insurance industry. The proposed changes to commission structure and the Expenses of Management framework have initiated important discussions across the sector and reinforced the industry's continued evolution towards greater transparency, customer centricity and operating efficiency. We support the broader objectives of these reforms, including simplified distribution economics, clearer alignment between commissions and expenses, stronger incentives for renewal and persistency and enhanced protection for policyholders. At the same time, the proposed EOM limits and commission caps represent a meaningful reset of industry business models, particularly coming on the back of several major regulatory changes over recent years. At Axis Max Life, we have consistently focused on building a diversified and a resilient franchise with balanced growth across channels, products and customer segments. This has enabled us to navigate periods of change effectively while maintaining the business momentum. We are confident Page 1 of 20 as with the previous industry transitions, we will adapt successfully to these reforms and emerge much stronger. With that context, let me take you through the key highlights of our performance across our strategic priorities during the quarter. Sustainable and Predictable Growth First, like we always say, sustainable and predictable growth. Axis Max Life continued to deliver broad-based growth across both proprietary and partnership channels during the first half of FY27. Our individual adjusted first year premium grew by 12% in H1 FY27 and 9% in Q2 FY27, enabling us to maintain our private market share at 10.1%. More importantly, our performance continues to demonstrate consistency through various market cycles with a three-year CAGR of 19% in Q2 FY27, significantly ahead of the industry growth rate of around 11%. Total APE grew by 11% in H1 FY27 and 8% in Q2 FY27. Our proprietary channels delivered 9% growth in Q2 FY27 on a high base, underpinned by a robust three-year CAGR of 25%. Within the proprietary channel, our E-com business continued to strengthen its leadership position across both direct and aggregator platforms, registering a 29% growth during this quarter. Partnership channels grew by 11% in H1 FY27 and 8% in Q2 FY27. Within this, the Axis Bank channel recorded a 4% growth, while our broader retail partnership ecosystem continued to gain scale and momentum, delivering a 19% growth during the quarter. This highlights the increasing contribution of our diversified partner network to our overall business growth. We also witnessed strong traction in the group credit life with the business growing at 41% in Q2 FY27. Notably, partnerships onboarded over the last three years have now started to contribute significantly and came in at more than 35% of the group credit life APE, reflecting the success of our efforts to broaden and diversify our growth engines. During the quarter, we continued expanding our addressable market. Our GIFT City proposition gained momentum, enabling seamless digital acquisition of NRI customers, while our distribution ecosystem expanded with five new partnerships. These initiatives further enhance the resilience of our franchise and position us very well to capture the emerging opportunities while reducing the dependence on any one single channel. Product Innovation Driving Margin Expansion Second aspect that we have always focused on is product innovation, driving margin expansion. Product innovation continues to be a key strategic lever for us, enabling both customer relevance and profitable growth. During the second quarter, our Retail Product mix remained well diversified with participating and nonparticipating savings products contributing 15% each of the Retail APE, Protection & Health 14%, Annuity 19% and ULIP at 37%. This balanced mix reflects the strength of our multiproduct strategy and reduces dependence on any one single product category. Page 2 of 20 Retirement, like we mentioned earlier as well, continues to be one of our most exciting growth opportunities. In Q2, we launched Smart Retirement Income with Sustained Earnings Plan, popularly now called Smart RISE, which combines flexible lifelong income with a Nifty 50 linked variable annuity option, offering customers the potential to participate in the long-term market growth. The product has been well received and already contributes around 8% of our total APE. Driven by strong customer demand and the success of Smart RISE, our annuity business grew by 130% during Q2 FY27. We also continued to strengthen our protection franchise. Pure Retail Protection grew by 31%, supported by healthy customer demand, while wider growth remained broadly stable amid some softer ULIP market sentiment. During the quarter, we also relaunched the Smart Term Plan Plus with 8 flexible protection variants, life cover up to age 100 and enhanced women-centric benefits, including maternity cover and Lifetime Plus benefits. We maintained our position amongst the industry leaders in Protection and remained ranked 3 in individual sum assured with individual sum assured growing at 18% in H1 FY27. In addition, we expanded [Showing first 8,000 characters — download PDF for full document]