Max Financial Services appoints Sumit Madan as MD and CEO of Axis Max Life Insurance

Max Financial Services Ltd on Tuesday (June 10) announced the appointment of Sumit Madan as the new managing director and chief executive officer of Axis Max Life Insurance Ltd, effective October 1, 2025. Madan will succeed Prashant Tripathy, who is retiring from the position on September 30, 2025.

Madan, currently the chief distribution officer at Axis Max Life, brings over 25 years of experience in the banking and financial services industry. He has played a pivotal role in setting up organisations from the ground up and scaling businesses across multiple institutions.

He joined IDFC FIRST Bank, where he successfully scaled the branch banking footprint and helped transform the bank into a robust retail franchise with a CASA ratio exceeding 50%, a testament to his executional excellence and leadership vision.

Also Read: Axis Max Life Insurance declares ₹2,135 crore bonus for policyholders in FY25

In February 2024, Madan joined Axis Max Life Insurance. In a short span, the company has not only improved its overall business rankings but has also made significant strides in quality metrics.

The appointment is subject to approval from the shareholders of Axis Max Life and the Insurance Regulatory and Development Authority of India (IRDAI). Madan's term as MD and CEO will be for five years, from October 1, 2025, to September 30, 2030.

Axis Max Life Insurance is a subsidiary of Max Financial Services. Axis Max Life Insurance Limited is a joint venture between Max Financial Services Ltd and Axis Bank.

Shares of Max Financial Services Ltd ended at ₹1,524.20, down by ₹0.050, or 0.0033%, on the BSE.

Also Read: Prashant Tripathy to retire as MD and CEO of Axis Max Life by September-end