Axis Bank in talks to acquire significant stake in Max Life Insurance

Private sector lender Axis Bank has entered into an exclusive agreement with Max Financial Services and Max Life Insurance to explore a long-term strategic partnership with the life insurance arm. 

The deal will involve Axis Bank acquiring a significant stake in the life insurer but the quantum has not been finalised yet.

The boards of Max Financial Services and Max Life Insurance Company on Thursday gave a go-ahead to both the companies to explore options with Axis Bank.

According to Insurance Regulatory and Development Authority (Irdai) norms, any entity holding more than 10 per cent stake in a life insurance company will be