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Axis Max Life Outperforms Industry by 300-500 Basis Points in H2 FY26
12 Nov
Summary
- Axis Max Life expects to outgrow private industry's APE growth by 300-500 basis points
- Company reported 18% growth in H1 FY26, ahead of 8% private sector and 2% overall industry
- Axis Max Life maintains 24-25% VNB margin despite GST 2.0 impact
As of November 12th, 2025, Axis Max Life Insurance, a Delhi-based insurer, is poised to outpace the private insurance industry's annual premium equivalent (APE) growth by 300-500 basis points in the second half of the current fiscal year (FY26).
The company's CEO, Sumit Madan, has stated that Axis Max Life has consistently maintained that the second half of the year tends to be stronger for the industry. In the first half of FY26, the company reported an impressive 18% growth, significantly outperforming the private sector's 8% expansion and the overall industry's mere 2% growth.
Despite the impact of GST 2.0 reforms, which initially dragged profitability by around 300-350 basis points, Axis Max Life expects to sustain its value of new business (VNB) margin in the 24-25% range for the full fiscal year. To mitigate the GST hit, the insurer has implemented cost optimization, product mix adjustments, and renegotiations with distributors. Madan noted that industry partners, including major platforms like Policybazaar, have shown willingness to align with the regulatory changes.
The company continues to maintain a strong lead over its peers, supported by consistent performance across all channels, including its partnership with Axis Bank. Alongside this, Axis Max Life has been strengthening its partnership business while leveraging its proprietary channels, which remain a key pillar of its growth strategy.
