Tag: Max Life Insurance

IRDAI nods Axis Bank’s stake buy in Max Life Insurance

Banking & Finance

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Max Financial Services on Wednesday announced that the Insurance Regulatory and Development Authority of India (IRDAI) has given its formal approval for the acquisition of up to 12 per cent stake in Max Life Insurance company by Axis Bank and its subsidiaries, Axis Capital and Axis Securities (Axis entities).

“The IRDAI approval was an integral step in this long-awaited joint venture transaction which was first announced in April 2020,” it said in a statement.

Under the proposed transaction, Axis entities can acquire up to 19 per cent stake in Max Life, of which, Axis Bank proposes to acquire up to nine per cent, and Axis Capital and Axis Securities together propose to acquire up to three per cent of the share capital of Max Life in the first leg of the transaction.

“In addition, Axis entities have the right to acquire an additional stake of up to seven per cent in Max Life, in one or more tranches, which they intend to acquire over the course of the next few years,” the release said.

The two entities have been in a relationship for over a decade and the total premium generated through this relationship has aggregated to over ₹40,000 crore.

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Max Life Insurance appoints Amrit Singh as Chief Financial Officer

Banking & Finance

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Max Life Insurance Company Ltd (Max Life) has announced the appointment of Amrit Singh as Chief Financial Officer & Executive Vice President, Strategy.

In his new role, Amrit will be responsible for leading the Company’s finance function and business strategy to strengthen business performance and growth margins while working with the Company’s leadership team to drive its strategic initiatives.

With nearly two decades of experience, Amrit joined Max Life in 2013 and has since led a diverse portfolio of teams including strategy, advanced analytics, investor relations and group business, driving various mandates around growth and profitability. Before Max Life, Amrit previously worked with Infosys, PricewaterhouseCoopers and Religare Enterprises.

Speaking on the appointment, Prashant Tripathy, Managing Director and CEO, Max Life Insurance said in a statement;”Celebrating his long-standing expertise in the financial services space and a promising association of over 8 years with Max Life, we are delighted to have Amrit take on his new role within the organization. He has a clear vision to build on our strengths and drive enhanced synergies between financial decisions and strategic priorities, positioning us for greater success. I’m certain Amrit’s leadership, diversified proficiencies and business acumen will help us accelerate on our growth trajectory.”

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