Sumit Madan Appointed New MD & CEO of Axis Max Life Insurance

In a strategic leadership change, Max Financial Services has appointed Sumit Madan as the new Managing Director & Chief Executive Officer of Axis Max Life Insurance. The announcement came on Tuesday, stating that Madan will replace Prashant Tripathy, who has opted for early retirement effective September 30, 2025.

The Board of Directors of Axis Max Life approved Madan's elevation in a meeting held earlier in the day. His tenure will begin on October 1, 2025, and span five years, ending on September 30, 2030. This appointment is contingent upon receiving the nod from the company's shareholders.

Further, the appointment requires approval from the Insurance Regulatory and Development Authority of India (IRDAI) in compliance with current laws. Axis Max Life Insurance, a collaboration between Max Financial Services Ltd and Axis Bank, is a subsidiary of Max Financial Services.

(With inputs from agencies.)