Axis Max Life Insurance Limited, the joint venture between Max Financial Services Ltd and Axis Bank, has announced the elevation of Sumit Madan as its new Managing Director and Chief Executive Officer, effective October 1, 2025. The appointment is subject to approval by the Insurance Regulatory and Development Authority of India (IRDAI).

He has been appointed to the post for 5 years effective from October 1, 2025 till September 30, 2030, subject to the approval by the shareholders of the insurance company, it said.

Madan, currently serving as Chief Distribution Officer at Axis Max Life, will succeed Prashant Tripathy, who has opted for early retirement. Tripathy’s tenure will officially conclude on September 30, 2025, according to a regulatory filing by Max Financial Services.

In his present role, Madan is responsible for driving the company’s comprehensive distribution strategy across Proprietary Channels, Partnerships, Group Business, and Digital Platforms. He has played a key role in scaling the company’s outreach and building a robust multi-channel distribution network.

Madan brings over two decades of experience in financial services and has held leadership roles across several reputed institutions. Before joining Axis Max Life, he spent nearly five years at IDFC First Bank. His previous stints include impactful roles at AU Small Finance Bank and Citibank, where he contributed to the growth of their retail and distribution strategies.

His elevation comes at a pivotal moment as Axis Max Life looks to deepen market penetration and strengthen its position in India’s dynamic life insurance sector.

In a significant development, Axis Max Life Insurance has announced a participating bonus of Rs 2,135 crore for FY 2024–25. The bonus will benefit over 21 lakh eligible policyholders, with disbursements beginning in July 2025.

This marks the insurer’s 23rd consecutive annual bonus, bringing the total cumulative bonus declared since inception to Rs15,847 crore.