Analysts/Institutional Investor Meet/Con. Call Updates

August 20, 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 August 13, 2026, post declaration of unaudited Financial Results of the Company for the quarter ended June 30, 2026, is enclosed. The same has also been uploaded on the website of the Company at https://maxfinancialservices.com/static/uploads/financials/earnings-call-transcript- q1fy27.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 Q1 FY27 Earnings Conference Call August 13, 2026 Moderator: Ladies and gentlemen, good day and welcome to Max Financial Services Limited Q1 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 the 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: Thank you. Good evening, everyone, and thank you for joining Max Financial Services earning call for the quarter ended June 30, 2026. Our quarter 1 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. With that, let me hand over the call to Sumit to take you through our performance and key developments during the first quarter of FY27. Sumit Madan: Yeah. Thank you, Nishant, and good evening, everyone. As you are aware, quarter 1 was marked by geopolitical uncertainties and a very volatile macro environment that weighed on the market sentiment. Despite these challenges, the Indian economy remained resilient, supported by some very strong domestic fundamentals. Against this backdrop, we stayed focused on execution, continued to advance our strategic priorities, and maintained disciplined risk and capital management. To begin with, we achieved a key milestone during the quarter with the completion of Axis Bank's acquisition of an additional 0.98% stake in Axis Max Life Insurance through an equity infusion of INR381 crore, increasing its shareholding to 19.99%. The infusion enhanced our financial strength, raising our solvency ratio to a robust 198%, while further underscoring the commitment of our promoters and their confidence in our strategy, execution capabilities, and long-term value creation potential. With that context, let me take you through the performance highlights across our strategic focus areas during the quarter. Sustainable and Predictable Growth Following a very successful FY26, we have started FY27 on a strong note, carrying forward our growth momentum and delivering a healthy performance in the first quarter. Our focus remains on Page 1 of 17 building a sustainable and profitable franchise while creating long-term value for all stakeholders, including customers, employees, distribution partners, and shareholders. In quarter 1 FY27, our individual adjusted first year premium grew by 17%, outperforming both the private sector and the overall industry growth. More importantly, our growth remains consistent and sustainable with a 2-year CAGR of 20%, which is well ahead of the private industry CAGR of 12% and double the overall industry growth rate of 10%. Our APE grew by 15% during the quarter, supported by balanced contributions from both proprietary and the partnership channel, growing at 15% and 16%, respectively. Our proprietary channels continue to be a key engine of growth, delivering a strong three-year APE CAGR of 26% by offline proprietary sales recorded 9% growth in quarter 1. Our online business continued to lead the market with a 27% APE growth. Within partnerships, APE growth of 16% was driven by 14% growth from Axis Bank and 21% growth from other partners, again underscoring the breadth and the resilience of our distribution franchise. We also continue to make some very strong progress in the Group Credit Life segment, delivering a 57% growth in Q1 FY27. It is also noteworthy that 45% of our GCL business has been sourced from partners we added in the last three years, diversifying our presence in this segment. In addition, we have onboarded several meaningful credit life partnerships during the quarter, which are expected to further strengthen growth momentum in the coming quarters. We also continue to expand our addressable market through some very targeted strategic initiatives. During the quarter, we launched our USD-denominated offering of Smart Gift Plan, enhancing our ability to serve the growing NRI customer segment. Further, we launched Aurus, our exclusive proposition for high-net-worth individuals designed to deliver a differentiated experience and tailored wealth and protection solutions for this very critical segment of customers. Product Innovation Driving Margin Expansion At Axis Max Life, innovation remains a core strategic lever, enabling us to address evolving customer needs while driving the long-term value creation for all our stakeholders. Our focus continues to be on building a balanced and diversified portfolio mix that supports sustainable growth, improves the product mix, and enhances the margins. Q1 FY27 largely reflected a normalization of growth across traditional savings products, while maintaining the product mix trends seen over the previous recent quarters. Participating products continued to witness strong traction, growing 48% and contributing 15% of the overall APE. The non-par segment saw a relatively lower contribution compared to the same period last year, reflecting a higher base effect. Despite volatile market conditions, our ULIP business grew 19%, supported by the launch of Smart Gift Plan. Protection remains one of our key strategic priorities. During the quarter, we further strengthened our proposition for the self-employed customer segment and as a result, our protection and health business grew 44%, led by 57% growth in riders, reflecting increasing customer demand for comprehensive protection solutions. Page 2 of 17 Retirement solutions continue to represent a significant long-term opportunity. Our annuities business delivered an exceptional 116% growth during the quarter. We further expanded our retirement portfolio with the launch of Smart RISE, a variable annuity product that combines guaranteed lifelong income with participation in long-term equity market performance, offering customers an attractive balance between security and growth. The strong growth in our protection and annuity business, coupled with favorable yield curve, resulted in a meaningful improvement in profitability. Consequently, our VNB margin expanded from 20.3% in Q1 of FY26 to 23.2% in Q1 FY27, driving a robust 33% growth in the value of new business or VNB. This reflects the success of our strategy to build a higher quality, more profitable and a sustainable business. C [Showing first 8,000 characters — download PDF for full document]