MUMBAI: Sumit Madan has been appointed as the next managing director and chief executive officer of Axis Max Life Insurance, the company said in a statement on Wednesday. Currently serving as chief distribution officer, Madan will take over the top role for a five-year term starting October 1, 2025, subject to shareholder approval.
Madan, with 25 years in banking and financial services, has held leadership roles at Citibank, AU Small Finance Bank, and IDFC First Bank.
He joined Axis Max Life Insurance in February 2024 and has since contributed to improving the company’s overall business rankings, according to an official statement.
Under his leadership, Axis Max Life rose to the 4th position in FY23 and secured the No 1 rank in ecommerce and protection penetration among top private insurers, the company said.
The company added 44 partners, including three key bancassurance alliances, and expanded its open architecture network. Axis Max Life reported a gross written premium of Rs 33,223 crore in FY23.
