VMPL
New Delhi [India], November 10: To expand access to life insurance and drive greater financial inclusion in India, Axis Max Life Insurance Limited ("Axis Max Life" or the "Company"), formerly known as Max Life Insurance Company Limited, today announced a strategic partnership with the International Finance Corporation (IFC).
IFC has made an investment of Rs 285 crore ($33 million) through long-dated subordinated instruments to support Axis Max Life's solvency margin and power its expansion in the life insurance sector. This marks IFC's maiden investment in a licensed life insurance company in India.
The partnership intends to advance Axis Max Life's agenda to make life insurance accessible to underserved communities, especially women. It will also strengthen the Company's long-term growth and introduce global best practices in governance, sustainability, and inclusive business standards
Sumit Madan, MD and CEO, Axis Max Life Insurance, said: "This 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 organization."
Allen Forlemu, Interim Regional Vice President, Asia Pacific, International Finance Corporation, said: "Life insurance helps bolster a household's safety net, and we welcome the opportunity to expand access to life insurance for women and those often underserved. This aligns with India's vision of 'Insurance for All by 2047'. 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 India's life insurance industry by building confidence in capital instruments, attracting institutional and foreign investments, and creating jobs across the value chain."
About Axis Max Life Insurance Limited (https://www.axismaxlife.com)
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited, is a joint venture between Max Financial Services Limited ("MFSL") and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life Insurance has achieved a gross written premium of INR 33,223 Cr.
Axis Max Life Insurance has recently transitioned to a new domain https://www.axismaxlife.com 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 earlier.
About IFC
IFC 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 $71.7 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, visit www.ifc.org .
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