Noida (Uttar Pradesh) [India], August 8: Continuing on its growth momentum during Q1 FY’24-25, Axis Max Life Insurance Limited (“Axis Max Life”/“Company”), formerly known as Max Life Insurance Company Limited, new business growth (Individual Adjusted First Year Premium) grew by 23% to ₹1,553 crores leading to private market share gain by 121 basis points (bps) to 10.0%. The number of new retail policies grew by 10%.
The new business growth was driven by a strong growth of 40% in Annuity, 36% in Retail Protection & Health, and 41% from NPAR Savings. Additionally, Axis Max Life has successfully onboarded 15 new partners in Q1 FY’25, including 8 Retail and 7 Group business partners.
Further, the renewal premium rose by 17% to ₹3,873 crores, taking the Gross Written Premium to ₹6,397 crores, an increase of 18% over the first quarter of the previous financial year. Additionally, Axis Max Life reported new Business Margins of 20.1% in Q1 FY’25 vs 17.5% last year. Value of New Business (VNB), a measure of profitability, experienced a YoY growth of 32% during Q1 FY’25, aided by product mix improvements.
Prashant Tripathy, CEO and Managing Director, Axis Max Life, said, “We have started the fiscal on a positive momentum, recording double-digit growth in Individual Adjusted First Year Premium. This robust growth is built on a foundation of a balanced product mix, a wide-reaching and diversified distribution network, and a relentless focus on innovation to meet the emergent customer needs.
Our New Business Margin improved significantly to 20.1% in the first quarter, while the Value of New Business (VNB) saw a 32% year-on-year growth, reflecting a proactive and strategic market approach, delivering a 121 basis point gain in Axis Max Life’s private industry market share.
This performance not only demonstrates our operational efficiency but also the ability to generate sustainable, long-term value. As we move forward, our aspiration is clear and ambitious: to continue outpacing the industry growth while marching towards the goal of being among the top 3 private life insurers in India.”
Focusing on innovation, the Company launched “Axis Max Life app,” a digital platform that integrates life insurance servicing with wellness benefits. This app is a comprehensive, digital solution for customers aimed at simplifying life insurance management, promoting holistic wellness, and enhancing overall service experience.
Reiterating its commitment towards its stakeholders, the Company continues to maintain one of the top industry positions in Claims Paid Ratio with 99.7%. The company was also ranked 28th by GPTW among ‘Top 50 India’s Best Workplaces’ Building A Culture Of Innovation by AI in 2025 and among the Top 25 Best Workplaces in BFSI 2025 in India.
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 ~ 81% majority stake in Axis Max Life.
MFSL is listed on the NSE and BSE. Besides a ~1.7% holding by Analjit Singh and sponsor family, some of the other group shareholders include MSI, Capital Group, Vanguard, Polar, Pictet, Jupiter, Blackrock, Kuwait Investment Authority, Abu Dhabi Investment Authority, Franklin Templeton, Pioneer, JP Morgan, Norges Bank, Oxbow Capital, Asset Management Companies – HDFC, Nippon, ICICI Prudential, DSP, SBI, Kotak, Aditya Birla Sun Life, Mirae, UTI, Canara Robeco, Invesco, HSBC, Whiteoak, Edelweiss, TATA, Bandhan and PGIM, and Private Life Insurance Companies – HDFC, SBI, TATA, AIA, Kotak, ICICI Prudential, Bajaj Allianz and Aditya Birla Sun Life.
About Axis Max Life Insurance Limited: https://www.axismalife.com
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd, is a Joint Venture between Max Financial Services Limited (MFSL) and Axis Bank Limited. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over decades through a need-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital. As per the annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 cr.
Axis Max Life has recently transitioned to a new domain, https://www.axismalife.com, as part of its rebranding exercise. This migration has no impact on existing policyholders who continue to receive all policy benefits and services as earlier.
Disclaimer: This article is based on information originally published by ANI News. All rights and credits for the original reporting belong to ANI News and the respective author. The content here has been adapted for informational purposes.
