Axis Max Life is the material subsidiary of Max Financial Services Limited. Axis Max Life – a part of the $7-Bn Max group, an Indian multi business corporation – is India’s fourth largest private life insurance company. In FY 2026, Axis Max Life reported an Embedded Value (EV) of ₹28,871 crore. The Operating Return on EV (RoEV) stood at 18.7%. The New Business Margin (NBM) for FY2026 was 25.2%, and the Value of New Business (VNB) at ₹2,647 crore, with an annual growth of 26%.