Key Metrics of Axis Max Life Insurance
About Axis Max Life Insurance
Sectors
Company details
- Website
- axismaxlife.com
- Registered office
- Plot No. 90-c, Sector- 18,urban Estate,, Palam Road,, Gurugram, In-hr, 122015
Operational Areas of Axis Max Life Insurance
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 11 Sep 2026 | ICRA | Reaffirmed | AA+ | — | Stable | ₹1,986 Cr | View |
| 11 Sep 2026 | CARE | Reaffirmed | AA+ | — | Stable | ₹1,986 Cr | View |
| 02 Feb 2026 | CARE | Reaffirmed | AA+ | — | Stable | ₹1,300 Cr | View |
| 03 Feb 2025 | CARE | Assigned | AA+ | — | — | ₹1,300 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Strong promoter profile
As on June 30, 2026, Axis, along with its subsidiaries, Axis Capital Limited and Axis Securities Limited, held an aggregate 19.99% stake in Axis Max Life, up from 19.02% as on March 31, 2026.
+ Established player in individual segment with balanced product mix
Axis Max Life is an established player in the life insurance industry, ranking among the top 4 private life insurers with a 7.5% market share in individual AFYP in FY2026.
+ Solvency supported by recent equity infusion
Axis Max Life’s solvency remained comfortable at 1.98 times as on June 30, 2026 (versus 1.94 times as on March 31, 2026 and 1.90 times as on March 31, 2024).
Credit challenges
− Operating expenses relatively higher than peers
Axis Max Life’s operating expenses (including commissions) remained higher than other larger private life insurance peers and increased further to25.4% of the gross written premium (GWP) in FY2026 from 20.8% in FY2023.
− Ability to maintain premium growth in individual segment
The regulatory landscape for the life insurance sector has changed significantly in recent years, with implications for growth and profitability.
Could lead to an upgrade
A material increase in the aggregate shareholding of Axis Bank and its subsidiaries in Axis Max Life beyond 19.99% and/or a sustained improvement in Axis Max Life’s market position and profitability will be
Could lead to a downgrade
A deterioration in the credit profile of Axis or a decline in the strategic importance of Axis Max Life to Axis or a dilution in the expectation of support from Axis would have a negative impact. Additionally, a sustained decline in the company’s solvency ratio to less than 1.70 times will be a negative factor.
Agency-reported financials (CARE, 11 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Gross Direct Premium | ₹33,223 Cr | ₹38,877 Cr | ₹7,607 Cr |
| Profit after tax (PAT) | ₹406 Cr | ₹277 Cr | ₹78.00 Cr |
| Tangible net worth (TNW)* | 5,794.00× | 5,907.00× | 6,413.00× |
| Solvency (x) | ₹2.01 Cr | ₹1.94 Cr | ₹1.98 Cr |
| Persistency ratio (13th month) (%) | 85.0% | 83.0% | 83.0% |
| Persistency ratio (61st month) (%) | 53.0% | 58.0% | 59.0% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Action Subordinate debt | Subordinated debt | — | ₹686 Cr | — | AA+ (Stable) | Assigned | CARE |
| Subordinate debt | Subordinated debt | — | ₹1,300 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE511N08024 | ^^ Feb | Subordinated debt | 8.34% | — | — | ₹500 Cr | AA+ | Not stated |
| INE511N08032 | ^^ Sep | Subordinated debt | 7.95% | — | — | ₹800 Cr | AA+ | Not stated |
| INE511N08016 | ^ Aug * | Subordinated debt | 7.50% | — | — | ₹496 Cr | AA+ | Withdrawn |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Subordinate Debt | ₹1,986 Cr | CARE AA+; Stable |
Credit assessment · Life insurance
ICRA Rating Methodology – Life Insurance (Sep 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Instrument ratings
| Instrument | Type | Rated | Per criteria | Basis |
|---|---|---|---|---|
| Action Subordinate debt | Subordinated debt | AA+ CARE | AA+ | senior − 0 |
| Subordinate debt | Subordinated debt | AA+ CARE | AA+ | senior − 0 |
| Complex | Subordinated debt | AA+ CARE | AA+ | senior − 0 |
| Subordinated debt programme | Subordinated debt | AA+ ICRA | AA+ | senior − 0 |
| Subordinated debt Subordinated debt | Subordinated debt | AA+ ICRA | AA+ | senior − 0 |
| ^^ Feb | Subordinated debt | AA+ ICRA | AA+ | senior − 0 |
| ^^ Sep | Subordinated debt | AA+ ICRA | AA+ | senior − 0 |
| Subordinate Debt | Subordinated debt | AA+ CARE | AA+ | senior − 0 |
| Feb Feb | Subordinated debt | AA+ CARE | AA+ | senior − 0 |
| Sep Sep | Subordinated debt | AA+ CARE | AA+ | senior − 0 |
| crore) Subordinate Debt | Subordinated debt | AA+ CARE | AA+ | senior − 0 |
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 72% |
| Information on file | 44% · missing: Liquidity position, Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 72% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
Rated limits by facility
Timeline
From the report
ABL infused preferential equity capital of ₹1,612 crore in April 2024, and ₹381 crore through preferential issue in June 2026, increasing Axis Bank and its subsidiaries stake to 19.99% from 19.02%.
From the report
AMLI had an adequate solvency position as on June 30, 2026, with a solvency margin of 1.98x (as on March 31, 2026: 1.94x) supported by capital infusion of ₹381 crore by ABL in June 2026.
From the report
The rating also considers the comfortable solvency position with a solvency ratio of 1.98 times as on June 30, 2026, following the growth capital infusion of around Rs. 381 crore in Q1 FY2027 and Rs. 1,612 crore in FY2025.
From the report
The increase followed the equity infusion of around Rs. 381 crore through a preferential allotment in June 2026, after the receipt of the requisite regulatory approval.
From the report
ABL infused preferential equity capital of ₹1,612 crore in April 2024.
From the report
AMLI had an adequate solvency position as on September 30, 2025, with a solvency margin of 2.08x (as on March 31, 2025: 2.01x) supported by capital infusion of ₹1,612 crore by ABL in April 2024.
From the report
ABL infused preferential equity capital of ₹1,612 crore in April 2024.
From the report
AMLI had an adequate solvency position as on September 30, 2024, with a solvency margin of 1.98 x (as on March 31, 2024: 1.72x) supported by capital infusion of ₹1,612 crore by ABL in April 2024.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Axis Max Life Insurance
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Life Insurance Corporation of India |
Outlets operated by LICI. | licindia.in | 1956 | India |
 Sbi Life Insurance Company Limited |
Life Insurance · Community, personal and Social Services | sbilife.co.in | 2001 | Mumbai, Maharashtra, India |
| HDFC Life Insurance Company Limited | · Finance | — | — | Mumbai, Maharashtra, India |
 Icici Prudential Life Insurance Company Limited |
Life Insurance · Insurance | iciciprulife.com | — | Mumbai, Maharashtra, India |
| ICICI Life Insurance Limited | Life Insurance · Insurance | — | — | Mumbai, India |
| Canara Hsbc Life Insurance Company Limited | Life Insurance · Insurance | — | — | New Delhi, India |
| Life Insurance · Insurance | insurance.kotak.com | — | Mumbai, India | |
| Life Insurance Corporation of India (LIC) |
Life Insurance · Insurance | licindia.in | — | India |
| SBI Life Insurance |
Part of SBI Holdings. | sbilife.co.in | 2001 | Mumbai, India |
| ICICI Prudential Life |
Life Insurance · Insurance | iciciprulife.com | — | Mumbai, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Life insurance
Filings
No filings on record yet.