Max Financial Services earnings calls.

Max Financial Services reported strong Q3 FY26 results with Access Max Life delivering 30% retail AP growth, driven by 52% proprietary channel expansion and 13% partnership growth. VNB margins improved to 24.1% in Q3, expanding 90bps YoY, with 9-month margins at 23.6% (+170bps YoY). The company successfully mitigated ~70-80% of the ~350bps GST disallowance impact through cost actions and product mix adjustments, targeting full recovery over coming quarters. Individual new business sums assured grew 41% to Rs 3.6 lakh croreCurrent Rs 3.6 lakh crore. Reported change: +41% YoY., while embedded value reached Rs 28,110 croreCurrent reported value: Rs 28,110 crore. No comparable prior figure is available in the source record. (+16% YoY). The Insurance Act amendment allowing 100% FDI and permitting insurer-non-insurer mergers is a significant positive, with in-principle board approval received for the Access Max Life-MFSL amalgamation. Key risks include residual GST margin pressure, 13th-month persistency weakness from surrender regulation changes, and regulatory uncertainty around RBI banca circulars. Management maintained FY26 VNB margin guidance of 24-25%Current 25%. Reported change: +New Partnerships. and projects continued sales momentum into Q4.