Max Life Insurance recorded a 22 per cent rise in its total new business premium (individual and group) to Rs 6,826 crore in the financial year ended March 2021. He said the company launched 14 products or product variants last year and increased the margin by 3.60 per cent in 2020-21. We are working together to look at product mix to drive Axis channel so outcome is favourable for both customers and the company.”īesides, he said working on analytics areas to leverage on each other’s capabilities. We are working together as a common team to ensure that Max Insurance life grows faster than the industry. Talking about synergy, he said, “We are coming up with a new strategy for future growth. Tripathy said there is no change in brand but the tagline will have the name of Axis Bank as the joint venture partner.

Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven per cent in Max Life, in one or more tranches, subject to regulatory approvals. When asked about the timeline for the completion of the remaining stake transfer, he said: “It should happen in the next 12 to 18 months.” So, it will reach about 20 per cent and that will be the ownership of Axis Bank,” Tripathy told PTI.

Thirteen per cent is already done over the next two quarters, we will seek approval for the balance seven per cent. “Axis Bank is to increase to 19.99 per cent in tranches. With this, Axis entities have now become co-promoters of Max Life with three board seats.

Dealaxis