Max Group sells 13% stake in life insurer Max Life to Axis Bank
The Hindu
Lender to be insurer’s co-promoter
Diversified Max Group has sold a 13% 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. The completion of the deal comes more than a year after Max Financial Services and Axis Bank announced their intent to have a strategic partnership for the former’s insurance venture. Financial details were not disclosed. Max Financial Services — the holding company of Max Life — has offloaded 12.99% stake in the insurer to Axis Bank and its subsidiaries — Axis Capital and Axis Securities Ltd., according to a filing. The Axis entities have now become co-promoters of Max Life.
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