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IRDAI approves Axis entities' stake acquisition in Max Life Insurance

In addition, Axis entities have the right to acquire an additional stake of up to 7 per cent in Max Life in one or more tranches which they intend to acquire in the next few years

Topics
IRDAI | Max Life Insurance | Max Life

ANI 

IRDAI
The total premium generated through this relationship has aggregated to over Rs 40,000 crore.

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the acquisition of up to 12 per cent stake in Insurance Company by Axis Bank and its subsidiaries Axis Capital and Axis Securities.

The approval was an integral step in this long-awaited joint venture transaction which was first announced in April 2020.

As per the proposed transaction, Axis entities have the right to acquire up to 19 per cent stake in of which Axis Bank proposes to acquire up to 9 per cent while Axis Capital and Axis Securities together propose to acquire up to 3 per cent in the first leg of the transaction.

In addition, Axis entities have the right to acquire an additional stake of up to 7 per cent in in one or more tranches which they intend to acquire in the next few years.

"I am confident that this joint venture will strengthen our position as a top leader in the Indian life insurance sector which is showing clear indications of rapid and enduring growth," said Analjit Singh, Chairman of Max Group and Max Financial Services.

Max Life is the fourth largest private life insurer in India while Axis Bank is the third largest private bank. The two companies have shared a successful business relationship for over a decade, providing long-term saving and protection products to nearly 20 lakh customers.

The total premium generated through this relationship has aggregated to over Rs 40,000 crore.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, February 25 2021. 11:44 IST
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