Investor Presentation

August 13, 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 - Q1FY27 Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investor Release – Q1FY27 being issued by the Company on the outcome of its Board meeting held on August 13, 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 3M FY’27 August 13, 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 3M FY’27 Key Highlights Key highlights of Max Financial Services and Axis Max Life Insurance for 3M FY’27  MFSL revenue* excluding investment income at Rs 7,289 cr, grows 18% in 3M FY’27. Consolidated Profit After Tax at Rs 118 cr  Individual Adjusted first year Premium at Rs 1,810 cr grew by 17% vs Private industry growth of 15% Revenue  Private Market share at 10.1% during 3M FY’27 expanded by 13 bps from 10.0% during 3M FY’26  Total APE# also grew by 15% driven by robust NOP growth of 12%  3M FY’27 VNB at Rs 446 cr grew by 33% yoy and NBM at 23.2% vs 3M FY’26 VNB at Rs 335 cr and NBM at 20.1%  3M FY’27 Operating RoEV is at 14.9% and MCEV as of June’26 at Rs 30,415 cr  Completion of Axis transaction by infusion of Rs 381 cr into Axis Max Life Insurance by Axis Bank, increasing its ownership by 0.98% Value creation and taking its overall share holding to 19.99%  Assets Under Management reached a key milestone of Rs 2 lakh crore, underscoring sustained business growth and customer trust  Proprietary channels APE grew by 15% on YoY basis driven by strong growth of 27% in Online proprietary  Partnership channels APE grew by 16% on YoY basis during 3M FY’27 driven by secular growth of 14% in Axis Bank and 21% from other Distribution partnerships strength  Maintained leadership position##at Overall E-commerce  Successfully on-boarded 10 new partners during 3M FY’27  Retail Protection and Health APE grew by 44% to Rs 314 cr during 3M FY’27 vs 218 cr during 3M FY’26, Rider APE grew by 57% Segments of  Annuity APE grew by 116% to Rs 246 cr during 3M FY’27 vs Rs 114 cr during 3M FY’26 Choice  Maintained Rank 3 in Individual Sum Assured with a growth of 32% during 3M FY’27  Launched Smart Global Investment Fostering Tomorrow Plan, a USD denominated, unit linked, non-participating life insurance plan Product engineered for cross-border wealth and an ironclad protective cover Innovation  Launched Smart Retirement Incomewith Sustained Earnings Plan, annuity plan designed to combine guaranteed lifelong income with participation in long-term equity market performance through a transparent NIFTY 50 benchmark  Achieved Rank #1 in Customer Experience amongst Indian Life insurers (vs rank 2 for last 3 years) with NPS of 61 in Hansa Research's Customer & Syndicated Life Insurance CuES 2026 People  Ranked #28 in this year’s Great Place to Work recognition under the category of ‘Best Companies to Work For’ Note: *MFSL Consolidated Revenue including investment income at Rs 14,977 Cr, Up 17% in 3M FY’27; All other numbers above are for Axis Max Life Insurance; #Excluding Group Term Life; ##Company Estimates Axis Max Life Insurance’s financial performance summary for 3M FY’27 Total APE1 Ind Adjusted FYP Gross Written Premium Renewal Premium Rs 1,922 cr 15% Rs 1,810 17% Rs 7,607 cr 19% Rs 4,639 cr 20% [Rs 1,668 cr] [Rs 1,553 cr] [Rs 6,397 cr] [Rs 3,873 cr] AUM Profit Before tax Net Worth Policyholder Opex to GWP Ratio2 Rs 2,02,621 cr 11% Rs 91 cr 22% Rs 6,733 cr 6% 16.0% -185 bps [Rs 1,83,211 cr] [Rs 74 cr] [Rs 6,348 cr] [17.8%] New business margin Operating RoEV Embedded Value Solvency 23.2% 315 bps 14.9% 60 bps 30,415 cr 15% 198% Value of New Business Policies Sold (‘000) Ind. New business Protection Mix** Sum assured Individual Group Total 446 cr 33% 187 12% 1,17,277 cr 32% 15% 10% 25% 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; 2Includes GST exp of 2% SECTION II  Axis Max Life Insurance- Business Overview and Financial Update Key Highlights for Axis Max Life FY21-26 (1/2) htworG tnetsisnoC 5-Yr CAGR of 15% on Consistent Asset Under Management at Individual new business leadership2 INR ~1.9 lakh cr, CAGR vs position in of 16% over 12% for Total life online protection last 5 years insurance industry1 & Savings 5-Yr APE CAGR of Retail Protection APE 28% in ~3x in Proprietary last 5 years channels noitaerC eulaV 5-Yr APE CAGR of 10% in Partnership channels Market Capitalisation VNB CAGR of 16% 5-Yr Embedded Value 4 5-year CAGR in 5 years CAGR of 20% is 12% Source: 1 Individual Adjusted FYP; 2Company estimates; 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) 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 track study by Kantar & Numer , 4. for being among top 100 great places to work for a decade eeyolpmE remotsuC Experienced leadership1 Great Places to Work with half of the leadership’s Rank #28 in FY26 tenure with Axis Max Life of a decade or more Continued leadership for third time Claims paid ratio in customer experience for at 99.8% in FY26 4th consecutive year with Rank #1 as per Hansa research dnarB Accorded the Laureate4 honor by Great Places to Work Company NPS2 at 60 and TNPS at 63 in FY’26 Highest Share of Brand Consideration Maintained rank #3 in Voice in the industry score3 improved by 6% Brand Search Query in FY26 with 50% in the industry in FY26 Vs FY25 share Continue to post industry leading growth in Q1 FY’27 fueled by secular growth from Proprietary & Partnership channels Industry leading outcomes Secular Growth Segments of choice Q1 Individual Adjusted FYP Partnership APE Retail Protection3 & Health2 APE Rs Cr Q1 FY'26 Q1 FY'27 YOY Growth Q1 Market share1 10.1% YOY Growth Up 13 bps 682 21% 17% 314 15% 197 Total Industry Pvt Industry AMLI Axis Other Partnership Q1 FY'26 Q1 FY'27 Q1 Retail Sum Assured Proprietary APE Annuity APE4 YOY Growth Rs cr Rs Cr Q1 FY'26 Q1 FY'27 32% 246 27% 528 25% 332 Total Industry Pvt Industry AMLI Offline Online Q1 FY'26 Q1 FY'27 Note: Numbers may not add up sue to rounding off; 1Among private Life insurance companies, 2Health segment represents sales from SEWA; 3Retail protection includes riders except for Par riders; 4including group business; YoY g% 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 1,922 24,374 4,639 10,502 1,668 21,049 8,770 3,873 FY'25 FY'26 3M FY'26 3M FY'27 FY'25 FY'26 3M FY'26 3M FY'27 Gross Written Premium – 19% growth in 3M FY’27 Individual Sum Assured of New bu [Showing first 8,000 characters — download PDF for full document]