Motilal Oswal keeps Buy rating on Max Financial with Rs 1,550 target
Motilal Oswal noted Axis Max Life's premium and margin growth in the quarter and kept its Buy rating with a Rs 1,550 target price on the stock.
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what happened
Motilal Oswal's research on Max Financial Services (MAXLIFE), reported by TradingView, shows annual premium equivalent (APE) up 8% year on year to INR 27.2 billion, in line with the broker's estimate. Proprietary channels grew 9% and banca channels 8%. For the first half of FY27, APE rose 12%.
Value of new business (VNB) increased 15% to INR 7.3 billion, also in line. The VNB margin reached 27%, against 25.5% a year earlier and an estimate of 26%. For the half year, VNB grew 21%, and the margin came in at 25.4% versus 23.3%.
The broker reiterated its Buy rating and a target of Rs 1,550, based on 1.7 times FY28E embedded value. The analysts said the final insurance distribution regulation remains the key factor to watch.
why it matters
For investors, the report is a read on how fast Indian life insurance sales are growing and how profitable they are. Rules on how insurance products are distributed could affect sales channels and the company's future results.
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- Buy Max Financial Services; target of Rs 1550: Motilal Oswal — TradingView, 29 October 2026 at 08:38 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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