Max Financial Services Q2 profit plummets to Rs 6 cr

New Delhi, Nov 11 (PTI) Max Financial Services, the promoter of Axis Max Life Insurance on Tuesday reported multifold decline in consolidated net profit to Rs 6 crore for the September quarter.

The company had earned a consolidated net profit of Rs 139 crore in the year-ago period. Sequentially, in the June quarter, its profit stood at Rs 86 crore.

The total income also declined to Rs 9,799 crore in the July-September period this fiscal year, against Rs 13,375 crore a year ago, Max Financial Services said in a regulatory filing.

As regards total expenses, the company's expenses stood at Rs 9,792 crore as against Rs 13,212 crore in the second quarter of the previous year.

During the quarter, Axis Max Life Insurance raised Rs 800 crore by issuing unsecured, subordinated, listed, redeemable, taxable, non-cumulative, non-convertible debentures having a coupon rate of 7.95 per cent in the nature of subordinated debt as per the IRDAI guidelines, it said.

These NCDs were allotted on September 24, 2025 and are redeemable at the end of 10 years from the date of allotment, it added.

During the first half of the current financial year, Max Financial Services profit dropped 69 per cent to Rs 92 crore as against Rs 295 crore in the April-September period of the previous fiscal year.

The total income during the period, too, declined to Rs 22,624 crore from Rs 25,175 crore in the first half of last financial year.

On the Axis Max Life insurance business, a separate statement said, the renewal premium grew 18 per cent to Rs 9,503 crore, taking the gross written premium to Rs 15,490 crore, an 18 per cent year-on-year increase over the first half of the previous fiscal year.

Additionally, Axis Max Life reported new business margins of 23 per cent in H1, FY26 up from 21.2 per cent during the same period last year.

Axis Max Life CEO and MD Sumit Madan said, "As one of the fastest-growing players in the sector, we remain committed to enhancing our competitive edge and deepening customer trust as we work towards achieving leadership scale in the private life insurance space." Max Life Pension Fund Management Ltd is another subsidiary of Max Financial Services Ltd. PTI DP TRB