India · Delayed Price · Currency is INR Max Financial Services Earnings Call Transcripts
Fiscal Year 2026
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Strong premium growth, improved margins, and robust digital and partnership expansion drove outperformance versus industry, despite GST and regulatory headwinds. Margin guidance remains intact, with further mitigation expected.
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Strong H1 FY 2026 growth with 18% premium increase, margin expansion to 25.5%, and robust digital and proprietary channel performance. Margin guidance of 24%-25% is maintained despite GST headwinds, with continued outperformance versus industry growth.
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Q1 FY26 saw robust growth with revenue up 18%, VNB up 32%, and NBM expanding to 20.1%. Persistency and protection segments improved, while digital and product innovation drove operational efficiency. Margin guidance of 24%-25% is maintained for FY26.
Fiscal Year 2025
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Strong growth in FY 2025 with 20% rise in individual adjusted first year premium, robust digital and product innovation, and improved persistency and solvency. Margins held at 24% despite regulatory headwinds, with continued focus on growth above industry and product mix rebalancing.
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Rebranding and digital initiatives drove strong premium and AUM growth, with margins impacted mainly by product mix and regulatory changes. Proprietary channels and ULIPs led segment growth, while the company targets 20% sales growth and high single-digit VNB for FY 2025.
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Strong Q2 and H1 FY25 results with 34% YoY growth in individual adjusted FYP, robust expansion in proprietary and digital channels, and a 16% rise in VNB. Margin guidance remains at 23-24% for FY25 despite regulatory changes, with rebranding to include Axis expected next quarter.
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Q1 FY25 saw strong sales and premium growth, with proprietary and digital channels driving a 31% APE increase and improved persistency. Regulatory changes may impact margins by 100-200 bps, but management expects to mitigate this and maintain mid-teens VNB growth.