Axis Max Life-IFC partner to make life insurance accessible for underserved communities

To expand access to life insurance and drive greater financial inclusion in India Axis Max Life Insurance Limited ldquoAxis Max Liferdquo or the ldquoCompanyrdquo formerly known as Max Life Insurance Company Limited today announced a strategic partnership with the International Finance Corporation IFCIFC has made an investment of Rs 285 crore 33 million through longdated subordinated instruments to support Axis Max Lifersquos solvency margin and power its expansion in the life insurance sector This marks IFCrsquos maiden investment in a licensed life insurance company in IndiaThe partnership intends to advance Axis Max Lifersquos agenda to make life insurance accessible to underserved communities especially women It will also strengthen the Companyrsquos longterm growth and introduce global best practices in governance sustainability and inclusive business standardsSumit Madan MD and CEO Axis Max Life Insurance saidldquoThis partnership with IFC is a milestone moment for us Beyond capital infusion IFC brings with it deep global expertise in governance and sustainable business practices Together we aim to enhance financial inclusion in India by expanding access to life insurance solutions with a special focus on women and increasing insurance penetration in the country This collaboration reinforces our commitment to building a stronger more responsible and more inclusive organizationrdquoAllen Forlemu InterimRegional Vice President Asia Pacific International Finance Corporation said ldquoLife insurance helps bolster a householdrsquos safety net and we welcome the opportunity to expand access to life insurance for women and those often underserved This aligns with Indiarsquos vision of lsquoInsurance for All by 2047rsquo Our partnership with Axis Max Life for our first investment in the life insurance space in India allows us to contribute to a more resilient future for all Moreover our partnership will strengthen Indiarsquos life insurance industry by building confidence in capital instruments attracting institutional and foreign investments and creating jobs across the value chainrdquoAbout Axis Max Life Insurance Limited httpswwwaxismaxlifecomAxis Max Life Insurance Limited formerly known as Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited ldquoMFSLrdquo and Axis Bank Limited Axis Max Life Insurance offers comprehensive protection and longterm savings life insurance solutions through its multichannel distribution including agency and thirdparty distribution partners It has built its operations over two decades through a needbased sales process a customercentric approach to engagement and service delivery and trained human capital As per annual audited financials for FY202425 Axis Max Life Insurance has achieved a gross written premium of INR 33223 CrAxis Max Life Insurance has recently transitioned to a new domainhttpswwwaxismaxlifecom as part of its rebranding exercise This migration has no impact on existing policyholders who will continue to receive all policy benefits and services as earlierAbout IFCIFC a member of the World Bank Group is the largest global development institution focused on the private sector in emerging markets We work in more than 100 countries using our capital expertise and influence to create markets and opportunities in developing countries In fiscal year 2025 IFC committed a record 717 billion to private companies and financial institutions in developing countries leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet For more information visitwwwifcorg Stay Connected with IFC onsocial mediaDisclaimer The information provided on the Website does not constitute investment advice financial advice trading advice or any other form of advice and you should not interpret any of the financial content as such Please conduct your own due diligence and consult with a financial advisor before making any investment decisions Midday does not endorse or promote any such activities and you access them at your own risk fully understanding the monetary and legal consequences involved Midday shall not be held responsible for any losses you may incur as a result of using any such apps or websites

Axis Max Life-IFC partner to make life insurance accessible for underserved communities

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Axis Max Life-IFC partner to make life insurance accessible for underserved communities

Other Articles

Mid-Day Fast