Axis Max Life Insurance Limited, previously known as Max Life Insurance Company Limited, has entered into a strategic partnership with the International Finance Corporation (IFC) to expand access to life insurance and drive financial inclusion across India.
The insurer, a joint venture between Max Financial Services Limited and Axis Bank Limited, offers a range of life insurance solutions focused on protection and long-term savings. It operates through a multi-channel distribution model that includes agency networks and third-party partners. Built over two decades, the company’s operations are grounded in a need-based sales approach, strong customer engagement, and a focus on skilled human capital.
As per its audited financial results for FY2024-25, Axis Max Life reported a gross written premium of ₹33,223 crore (approximately $3.75 billion).
In a move marking IFC’s first investment in a licensed life insurance company in India, the organisation has invested ₹285 crore (approximately $33 million) through long-dated subordinated instruments. The funds will support Axis Max Life’s solvency margin and fuel its growth in the life insurance sector.
Sumit Madan, Managing Director and Chief Executive Officer of Axis Max Life Insurance, described the collaboration as a key milestone. “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. This collaboration reinforces our commitment to building a stronger, more responsible, and more inclusive organisation,” he said.
The partnership is designed to help Axis Max Life advance its mission of extending life insurance to underserved populations, particularly women, while strengthening its long-term sustainability and integrating international standards in governance, environmental responsibility, and inclusivity.
Allen Forlemu, Interim Regional Vice President for Asia Pacific at the International Finance Corporation, highlighted the significance of the collaboration. “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.”
The agreement reflects both organisations’ shared commitment to improving financial resilience and promoting inclusive economic development in India’s fast-evolving insurance landscape.
