Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Axis Bank becomes a co-promoter of Max Life

Posted On: 2021-04-06 10:17:41 (Time Zone: Arizona, USA)


Axis Bank Limited ("Axis Bank"), India's third largest private sector bank, together with its subsidiaries Axis Capital Limited and Axis Securities Limited (collectively referred to as "Axis Entities") have become the co-promoters of Max Life Insurance Company Limited ("Max Life"), after completion of the acquisition of 12.99 % stake collectively by the Axis Entities in India's fourth largest private life insurance firm - Max Life. The Board of Max Life recorded the closure of the deal today.

The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year. Max Life's holding company Max Financial Services Limited ("MFSL") and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020.

Transaction

Axis Bank and its two subsidiaries-Axis Capital Limited and Axis Securities Limited collectively own 12.99% stake in Max Life after the consummation of the deal. The Axis Entities have a right to acquire an additional stake of up to 7% in Max Life, in one or more tranches, subject to regulatory approvals.

With the conclusion of this transaction, Max Life's Board will be strengthened further, with cooption of three nominee directors of Axis Entities on its Board.

Amitabh Chaudhry, Managing Director & CEO, Axis Bank said: "We are delighted to see the strategic partnership come through. Axis Bank has been a long-term partner to Max Life and together we have contributed to deepening insurance penetration in India over the last decade. We have the opportunity now to shape the future of the industry through continued leadership in products, technology, and customer centricity. We are confident this venture will enhance the value for all the stakeholders of Axis Bank and Max Life."

Welcoming this long-awaited strategic development, Analjit Singh, Chairman of Max Group and Max Financial Services, said, "The conclusion of this transaction is truly a monumental milestone, which will bring added strength to Max Life and help it chart a new growth trajectory by combining the forces of the third largest private bank in India with the fourth largest private life insurer in the country.

We are again privileged to welcome another sterling name to Max's history of storied partners. Throughout our decade-long business association, Axis Bank has exhibited value across customer insights, distribution expertise and a myriad of functional benefits which will be of great benefit to our business."

Subrat Mohanty, Group Executive, Banking Operations & Transformation, Axis Bank, said, "We have a long-term commitment to build a strong insurance distribution platform for our customers. This deal is an affirmation of that commitment. Max Life is a well-managed professional organization with a stellar track record. We are excited to enter into this new phase in our partnership with them."

Mohit Talwar, Managing Director, Max Financial Services, said, "With the conclusion of this deal between Max Life and Axis Bank, we are ready and equipped to integrate the synergies of the two players and commence a relationship that will cement Max Life's position as a top quartile life insurer delivering sustainable and profitable growth."

Prashant Tripathy, Managing Director & CEO, Max Life Insurance, added, "This closure marks a new phase of growth and stability for Max Life. The JV enhances our brand in the eyes of our customers, business partners and investors by integrating the resources and benefits that the two players bring. This development is also a reflection of the relentless efforts put in over the years by the Max Life team. We are looking forward to entering this promising era for Max Life with utmost fervor and dedication."

Axis Bank hasshared a successful business relationship with Max Life for over a decade, providing long-term saving and protection products to nearly 20 lakh customers. The total premium generated through this alliance has aggregated to over Rs. 40,000 crores. Both companies have invested extensively in product and need-based sales training, thereby leading to a consistent increase in productivity.

Max Life has been consistently outperforming the private industry. Its asset under management (AUM) grew by 23% YoY and reached Rs 84,724 crore as on 31st December 2020, which has more than doubled in less than 4 years. In the last four years (FY 16 -20), its Individual Adjusted New Sales registered a compounded annual growth rate (CAGR) of 18%. In the first 11 months of last fiscal FY 21, Max Life has outperformed the top three private players with YoY Individual Adjusted New Sales growth of 14%.

Shares of AXIS BANK LTD. was last trading in BSE at Rs.677.85 as compared to the previous close of Rs. 685.5. The total number of shares traded during the day was 496500 in over 17023 trades.

The stock hit an intraday high of Rs. 693.5 and intraday low of 675.15. The net turnover during the day was Rs. 339851004.

Shares of Max Financial Services Ltd was last trading in BSE at Rs.890.5 as compared to the previous close of Rs. 868.3. The total number of shares traded during the day was 34774 in over 1257 trades.

The stock hit an intraday high of Rs. 896.55 and intraday low of 863.05. The net turnover during the day was Rs. 30822630.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

TCS Named a Leader in the 2021 Gartner Magic Quadrant for Managed Workplace Services, Asia Pacific

Shri Bajrang Alliance Limited's Agro Division now certified under Food Safety Management System

5Paisa Capital Ltd Q4FY21 consolidated net profit surges to Rs. 5.85 crore

Accelya Solutions India Ltd board to consider Q3FY21 results on April 30, 2021

Van Heusen launches new sub-brand 'Denim Labs'

Shriram City Union Finance Ltd board to approve final dividend, FY21 results on April 30, 2021

Larsen & Toubro Infotech Ltd board to conider Q4, FY21 results, dividend on May 4, 2021

Cipla Ltd board to consider Q4, FY21 results, dividend on May 14, 2021

Tata Steel Long Products Ltd Board approves dividend of Rs. 5

Swaraj Engines Limited announces Q4FY21 results

AstraZeneca Pharma India Limited launches Fasenra™

Hero MotoCorp to undertake temporary suspension of manufacturing operations as precautionary measure

Salasar Techno Engineering Ltd receives orders worth Rs. 47.70 crore

Supreme Petrochem Ltd Board to consider FY21 results & Dividend on April 30, 2021

IRDAI imposes penalty of Rs. 25 lacs on SBI General Insurance Company Limited

Tata Steel Long Products Ltd Q4FY21 consolidated PAT soars to Rs. 339.86 crore

Network18 Media & Investments Ltd reports Rs. 39.13 crore consolidated PAT in Q4FY21

Quick Heal Technologies Ltd fixes May 3, 2021 as record date for Buy Back

TV18 Broadcast Ltd reports Q4FY21 consolidated PAT of Rs. 165.88 crore

Swaraj Engines Ltd Board approves dividend of Rs. 50, special dividend of Rs. 19

Blue Dart Express Ltd board to consider Q4, FY21 results, dividend on May 5, 2021

Swaraj Engines Ltd Q4FY21 PAT surges to Rs. 32.56 crore

Narendra Investments Delhi Ltd Q4FY21 PAT up at Rs. 0.35 crore

Nestle India Ltd reports jump in net profit to Rs. 602.25 crore in Q1CY21

Central Bank of India board approves issue of shares at Rs. 17.11

Saregama strikes a long term music deal with Sanjay Leela Bhansali

Nestle India Ltd board declares interim dividend of Rs. 25 for CY2021

TCI Industries Limited approves issue of 107602 NCRPS

Alembic Pharmaceuticals Ltd board to consider Q4, FY21 results on March 31, 2021

GatewayRail's inaugural 'Maersk Automotive Express Service' flagged off by Denmark's Ambassador to India

Renowned author Gurcharan Das unveils Emkay Investment Manager's book on 'E-Qual' framework

HCG Cancer Hospital Bengaluru successfully operates on a patient with 'Congenital Hemophilia'

Suprajit Engineering initiates a nation-wide campaign against Counterfeit Products

Adani Enterprises Ltd forms Mundra Petrochem Ltd

Morganite Crucible (India) Limited board to recommend dividend, approve Q4, FY21 results on May 18, 2021

Dhanlaxmi Bank Limited shifts corporate office

Hindustan Zinc Ltd board to consider Q4, FY21 results on April 27, 2021

Yes Bank Ltd board to consider FY21 results on April 30, 2021

Ramco Global Payroll Now Available on Oracle Cloud Marketplace

TCS ADD Safety Wins Award for Using AI to Re-Imagine Pharmacovigilance

LTI Recognized Among the Top Performers in Nordic Region

Rashmika Mandanna Just Can't Get Enough of the new McSpicy Fried Chicken in the latest campaign launched by McDonald's

Mr. Satyam Bansal to be engaged as an Advisor for Deccan Health Care Limited

Sterlite Technologies Ltd board to recommend final dividend, consider FY21 results on April 29, 2021

Shree Digvijay Cement Company Ltd Board to consider Dividend for FY21

Hero MotoCorp adopts Aravali Biodiversity Park in Gurugram

IIFL Wealth Management Ltd board to consider Q4, FY21 results on May 18, 2021

Automotive Stampings and Assemblies Ltd board to approve Q4FY21, FY2021 results on April 26, 2021

Anmol India Ltd board to consider allotment of 10 lakh shares on April 23, 2021

CRISIL Limited announces Unaudited financial results for the first quarter ended March 31, 2021


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020