Max Financial Services Limited has informed the Exchange about Transcript of the earnings call held on May 14, 2025
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Max Financial Services reported FY25 consolidated revenue of Rs. 32,620 crore (+12% YoY) and PAT of Rs. 403 crore, driven by Axis Max Life Insurance's strong performance. Individual adjusted first-year premium grew 20%, outpacing the private sector (15%) and overall industry (10%), making it the fastest-growing top-10 private insurer on a 2-year CAGR basis. VNB margin for Q4 stood at 28.1% and full-year margin was 24%, within the guided range of 23-24%, with management expecting FY26 margins in the 24-25% range. The company raised Rs. 500 crore of subordinate debt, lifting solvency to 201% from 172%, and AUM grew 16% to ~Rs. 1.75 lakh crore. April 2025 grew ~24% versus private sector growth of just 2%, and the company regained rank #3 in H2/Q4 of FY25. Management indicated no dividend payout until Axis Max Life is listed, with the reverse merger pending regulatory clarity expected around August-September.
Positive for shareholders — strong growth ahead of industry, margin trajectory stable to slightly improving, and healthy solvency position. The promised reverse merger with Axis Max Life listing could be a key catalyst, while no dividend payout means capital is being preserved for growth.