Axis Max Life Insurance likely to grow 3-5% more than industry in FY26

Axis Max Life Insurance targets 3-5% growth above industry levels in FY26, backed by strong Q1 performance. The company aims to become the third-largest private life insurer in India

Continuing with the growth momentum seen in the first quarter of FY26 (Q1FY26), Axis Max Life Insurance will grow 3-5 per cent more than the industry in the current financial year, said Sumit Madan, senior director and chief distribution officer of the company. The insurer plans to become the third largest private life insurer with a balanced product and channel mix.

 

Madan is the MD & CEO-designate of the life insurer. He will succeed Prashant Tripathy effective from October 1.

 

In Q1FY26, the insurer recorded 18 per cent year-on-year (YoY) growth in gross written premium to ₹6,397 crore. The total annualised premium equivalent (APE) of the insurer increased by 15 per cent Y-o-Y to ₹1,668 crore. The number of policies sold also reported a 10 per cent increase Y-o-Y to 166,000 in the quarter.

 

According to Madan, the company is close to their ideal product mix which is around 35–36 per cent ULIPs, 12-13 per cent share in protection, nearly 30 per cent in savings, 13 per cent participating products and the remaining 6-7 per cent share in annuity products.

 

Also, during the year, the individual sum assured grew by 26 per cent Y-o-Y to ₹89,079 crore, largely owing to protection business.

 

“The growth in sum assured is largely driven by the strong performance of our protection business, which has grown at a similar pace. We currently rank third in the industry on sum assured performance, with the average sum assured in Q1FY26 standing at ₹50 lakh,” Madan said.

 

The measure of profitability – value of new business (VNB) of the insurer grew by 32 per cent Y-o-Y to ₹335 crore in the reported quarter, with margin rising 2.6 per cent to 20.1 per cent, the insurer said.

 

Meanwhile, the solvency ratio of the insurer declined by 4 per cent to 199 per cent and the company plans to raise ₹800 crore via non-convertible debentures (NCDs) during the year to support the solvency ratio.