Mumbai, Maharashtra, India, June 2025 — Sumit Madan has been named the Managing Director and Chief Executive Officer of Axis Max Li fe Insurance Limited, effective October 1, 2025, subject to regulatory approvals. He will succeed Prashant Tripathy, who is stepping down following early retirement. Currently serving as Chief Distribution Officer, Sumit has played a pivotal role in shaping the company’s growth trajectory since joining in February 2024.
In his current role, Sumit has led strategic initiatives across proprietary and partnership distribution, group business, and online channels—focusing on revenue growth, regulatory compliance, and partner engagement. His efforts have strengthened Axis Max Life’s multichannel framework and laid the foundation for scalable growth. Chairman Rajiv Anand acknowledged Sumit’s vision and industry depth, expressing full confidence in his ability to lead the company into its next phase of transformation and innovation.
Sumit brings more than 25 years of leadership experience in financial services, having held key positions at Citi, AU Small Finance Bank, and IDFC FIRST Bank. At IDFC FIRST, he was Head of Retail Liabilities and Branch Banking, while at AU Small Finance Bank, he served as President and Chief – Branch Banking. His extensive background includes sales strategy, digital distribution, customer acquisition, and branch banking across major Indian markets.
As he prepares to take the helm at Axis Max Life, Sumit is expected to advance the company’s mission of delivering customer-centric life insurance solutions, deepening partner collaboration, and embracing digital innovation. His appointment comes at a time when the company is consolidating its position as one of India’s leading life insurers, with Rs. 175,072 crore in AUM and a sum assured in force of Rs. 2,191,857 crore as of March 2025.
Axis Max Life Insurance Limited
Axis Max Life Insurance Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. With nearly two decades of operations, the company offers comprehensive protection and long-term savings solutions through a multichannel distribution network. As of March 31, 2025, Axis Max Life manages ₹175,072 crore in assets under management (AUM) and has a sum assured in force of ₹2,191,857 crore, along with an individual death claims paid ratio of 99.70%. The company continues to uphold a customer-centric approach through need-based sales and strong service delivery infrastructure.
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