Max Financial Services Limited has informed the Exchange regarding 'Independent actuarial opinion on Embedded Value'.
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Max Financial Services disclosed an independent actuarial opinion on the Embedded Value of its material subsidiary Axis Max Life Insurance Limited, prepared by Willis Towers Watson Actuarial Advisory LLP. The embedded value as at 31 March 2026 stands at INR 28,870.5 crore, with the value of one year's new business at INR 2,647.1 crore. WTW confirmed that the methodology and assumptions comply with standards issued by the Institute of Actuaries of India, the economic assumptions are internally consistent, and solvency margins exceed regulatory targets. The insurer's solvency ratio stands at 170% for participating business and 180% for all other business, well above the Required Solvency Margin. This is a routine regulatory disclosure for an insurance subsidiary.
The filing provides transparency on the value of the insurance subsidiary but does not represent a material trading signal. It is a standard actuarial disclosure with no surprises in the embedded value figures.