Aggressively pursuing fresh collaborations with financial institutions
In the dynamic world of insurance, Axis Max Life Insurance has set its sights high for the remainder of 2025. The company has reaffirmed its ambitious full-year target for mid-teen Annualized Premium Equivalent (APE) growth, a significant stride towards strengthening its position in the Indian market.
This growth is expected to be driven by the launch of new non-par and protection products, marking a strategic move towards innovation and diversification.
In the realm of bancassurance and agency channels, Axis Max Life is focusing on building a diversified distribution network. The company has made strategic expansions by onboarding 15 new partners in Q1 FY26, eight of which are retail and seven are group partners. This move is a testament to the company's commitment to fuel growth and expand its reach.
Prashant Tripathy, the CEO of Axis Max Life, emphasized that the company's growth momentum is built on a balanced product mix and a wide-reaching distribution network, which includes bancassurance partnerships. The goal is clear: to continue outpacing industry growth and position Axis Max Life among the top 3 private life insurers in India.
As of Q1, the partnership channel of Axis Bank Ltd constituted around 49% of Axis Max Life's APE, while the proprietorship channel accounted for approximately 48%. The company is optimistic about the passage of the Insurance Amendment Bill, a development that could further bolster its growth prospects.
It's worth noting that Axis Bank Ltd, being the largest bancassurance distributor for Axis Max Life, contributes around 40% of its total sales under this channel. However, Axis Max Life maintains a counter share at Axis Bank within the range of 65-70%, ensuring no over-dependence on any single channel.
The company's strategic moves are paying off, as evidenced by the increased brand recall following its recent refresh. With the industry and markets taking notice, Axis Max Life is poised to make a significant impact in the Indian insurance landscape.
This article was published on August 8, 2025.
- Axis Max Life Insurance aims to accelerate its growth in the Indian market by launching new non-par and protection products, capitalizing on the realm of innovation and diversification.
- The company's ambitious growth target for mid-teen Annualized Premium Equivalent (APE) growth in 2025 is driven by a balanced product mix and a wide-reaching distribution network.
- Axis Max Life has expanded its distribution network by onboarding 15 new partners in Q1 FY26, furthering its commitment to fuel growth and expand its reach.
- In the business of bancassurance and agency channels, Axis Max Life is positioning itself for continued industry leadership, aiming to become one of the top 3 private life insurers in India.
- The strategic partnership between Axis Bank Ltd and Axis Max Life, with Axis Bank contributing around 40% of Axis Max Life's total sales under the bancassurance channel, demonstrates the potential of finance-based business subscriptions in the Indian insurance industry.
