Max Life Insurance

Axis Bank to pick residual stake in Max Life at fair market value

The revision in valuation has been done according to IRDAI guidance

Axis Bank complies with IRDAI order; to buy more 7% stake in Max Fin

Axis Bank on Tuesday said it has entered into a revised agreement with Max Financial Services to acquire an additional 7 per cent stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October last year. Axis Bank and its subsidiaries -- Axis Securities and Axis Capital -- had in 2021 entered into definitive agreements with Max Financial Services Ltd for acquiring 20 per cent stake in its subsidiary Max Life Insurance Co Ltd. Following this, Axis Entities had collectively acquired 12.99 per cent of the equity share capital of Max Life. In a regulatory filing on Tuesday, Axis Bank said Axis Entities have entered into revised agreements with Max Financial on January 9, 2023. As per the revised agreement, "...the valuation for the right to acquire the balance 7 per cent equity stake of Max Life would be at fair market value using discounte

Max Financial Services gets Irdai nod to acquire residual stake in Max Life

This transaction is expected to be completed in the next fortnight, the company said in a statement on Monday

Max Life partners with Tamilnad Mercantile Bank to offer life insurance

Through this tie-up, the two firms aim to financially secure the lives of TMB's customers across 500 bank branches by offering a comprehensive suite of savings, protection and retirement plans

Committed to Axis deal; will follow earlier methodology: Max Life CEO

Max Life and Max Financial Services are committed to going ahead with the deal with Axis Bank, which will see the latter acquire another 7 per cent stake in the life insurance company, said the CEO

Max Life to pay Rs 3 cr penalty imposed by Irdai to avoid legal escalations

The regulator indicated that the deal between Max Life and Axis Bank circumvented regulations on commission limits

Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank

Regulator Irdai has imposed a penalty of Rs 3 crore on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank and group companies. In another order, the Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on Axis Bank, a corporate agent of the insurer. The penalty on Max Life Insurance is for violation of Irdai's direction, misrepresentation to obtain approval, and contravention of share transfer directions. In the order, Irdai said "it is evident that Axis Bank has sold its stake of 0.998 per cent shares of Max Life in March 2021 to MFSL and MSI at Rs 166 per share. Subsequently, in March-April 2021, Axis Bank and its Group entities acquired 12.002 per cent shares from MFSL at a price range of Rs 31.51-Rs 32.12 per share. This is not in compliance with the directions issued by the Authority (Irdai)..." MFSL is Max Financial Service Ltd and MSI is Mitsui Sumitomo ...

Axis Bank's stake likely to rise to 20% in 6-9 months: Max Life CEO

Axis Bank is likely to raise its stake in Max Life Insurance to about 20 per cent over the next 6-9 months, the insurance company's CEO Prashant Tripathy said. Currently, Axis Bank and its two subsidiaries Axis Capital Ltd and Axis Securities Ltd collectively own 12.99 per cent of Max Life Insurance post approval of the deal in April last year. "The bank currently holds about 13 per cent and we are hopeful that over the next 2-3 quarters they would be able to take it to 20 per cent," Tripathy told PTI in an interview. 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. He further said bancassurance with Axis Bank has seen a growth of 18-20 per cent over the last five years and 60 per cent of new sales come from the Axis Bank tie-up at present. Besides Axis Bank, the life insurer has bancassurance partnerships with Yes Bank and a few other cooperative ..

Over next few quarters, Axis Bank will increase stake: Max Life CEO

'The value of new business (VNB) grew 23 per cent - this means we improved our margins and our total assets under management grew 14 per cent'

Max Life incorporates pension fund subsidiary, to infuse Rs 55 crore

Max Life Insurance Company Ltd has incorporated a wholly-owned subsidiary Max Life Pension Fund Management Ltd and will infuse Rs 55 crore into the firm by subscribing to 5.5 crore shares

Max Life Insurance's death claim settlement at 99.35% in 2020-21

Max Life Insurance's death claim settlement stood at over 99 per cent in the financial year 2020-21, in which the company paid claims worth over Rs 885 crore.

Tata Asset and Max Life Insurance get approval to set up pension funds

Tata Asset Management and Max Life Insurance Co have recently received a nod from the pension sector regulator for setting up pension fund managers

India will continue to be a favoured investment destination: Mihir Vora

Keeping the short-term reactions aside, the impact of any taper really depends on the circumstances under which the US Fed starts tapering, he said.

Max Life ranks 18th amongst 'India's Best Companies to Work For' in 2021

The Company has been bestowed upon this honour for the tenth time in the most comprehensive employee survey of workplace culture conducted by the Great Place to Work Institute.

Axis Bank JV to drive volumes: Max Life Insurance MD & CEO Tripathy

In an interview with Hamsini Karthik, Tripathy explains why savings products would continue to propel growth in the near term

Axis Bank entities close deal with Max Life Insurance, become co-promoters

Axis stake at 12.99%, will nominate three directors to Max Life's board

Max Group sells 13% stake in Max Life to private lender Axis Bank

Diversified Max Group has sold a 13 per cent stake in Max Life Insurance Company to the country's third largest private sector lender Axis Bank, which will now be a co-promoter of the insurer.

Axis Bank to acquire 9.9% stake in Max Bupa Health's promoter entity

Max Bupa Health Insurance is as a joint venture between private equity group True North and Bupa.

Max Life Insurance attains highest claim settlement ratio at 99% in FY20

Max Life Insurance on Thursday said it has settled individual claims worth over Rs 562 crore in 2019-20, and attained a settlement ratio of 99.22 per cent during the year.

IRDAI approves Axis entities' stake acquisition in Max Life Insurance

In addition, Axis entities have the right to acquire an additional stake of up to 7 per cent in Max Life in one or more tranches which they intend to acquire in the next few years