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February 26, 2021
The IRDAI has given its formal approval for the acquisition of a stake of up to 12% in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities (dubbed Axis entities together), Max Financial Services announced in a stock exchange statement.
The IRDAI approval is an integral step in this long-awaited joint venture transaction which was first announced in April 2020, says Max Financial Services.
Max Life is the fourth largest private life insurer in India while Axis Bank is the third largest private bank. The two companies have shared a successful business relationship for over a decade, providing long-term saving and protection products to nearly 2m customers.
Axis Bank contributes more than 60% of Max Life’s business. The life insurer has other channel partners but Axis Bank has been the main distribution channel.
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