Max Financial Services Limited has informed the Exchange regarding 'Appointment of Mr. Sumit Madan as the Managing Director & Chief Executive Officer of Axis Max Life Insurance Limited ( Axis Max Life ), the subsidiary company of the Company, effective October 1, 2025'.
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Max Financial Services informed exchanges that the Board of its subsidiary Axis Max Life Insurance has appointed Mr. Sumit Madan as the new Managing Director & CEO for a 5-year term effective October 1, 2025, subject to shareholder and IRDAI approval. Mr. Madan, who currently serves as Chief Distribution Officer at Axis Max Life since February 2024, is being elevated internally to succeed Mr. Prashant Tripathy, who is taking early retirement effective September 30, 2025. Mr. Madan brings 25 years of experience across Citibank, AU Small Finance Bank, and IDFC FIRST Bank. Under his distribution leadership, Axis Max Life climbed to rank #4 in FY25 and exited H2FY25 at rank #3 among private life insurers, achieving a gross written premium of INR 33,223 crore.
This is a smooth internal succession plan with no disruption to leadership, as the successor has already been driving recent growth at the company. Shareholders can expect continuity in strategy, though the appointment still requires IRDAI approval, which carries some regulatory uncertainty.