Pushing ahead vigorously in forming new alliances with financial institutions
August 8, 2025
Axis Max Life Insurance, a prominent player in the Indian insurance industry, has reported impressive growth figures for the first quarter of the current fiscal year. The company's Total Annual Premium Equivalent (APE) grew by 15% year-on-year, reaching ₹1,668 crore.
The growth was driven by a robust performance across all channels. The proprietorship channel, including direct sales force and e-commerce, experienced a 26% year-on-year growth in terms of APE. The partnership channels also delivered a strong 20% year-on-year growth.
The proprietorship channel's growth was particularly noteworthy, with the agency side growing almost 13-14% for the company. The company's focus on tier-3 and -4 cities for the agency has contributed to this growth.
In the proprietorship channel, the adjusted first-year premium (AFYP) grew by 23% for Q1, while the private life insurance industry as a whole grew by only 8%. This strong performance underscores the effectiveness of the company's strategy to grow the proprietorship channel.
Axis Bank, a significant contributor to the company's sales under the bancassurance channel, accounts for around 40% of total sales under this channel. The company maintains a consistent counter share at Axis Bank within the range of 65-70%.
The partnership channel constituted around 49% of APE in Q1, while the proprietorship channel was around 48%. This balanced distribution indicates a healthy diversification strategy and avoids over-dependence on any single channel.
Axis Max Life Insurance is optimistic about the passage of the Insurance Amendment Bill, which could simplify its ownership structure and potentially allow for mergers with non-insurance companies. The company is awaiting the passage of the bill to make further moves in this direction.
While the exact APE growth target for the full year 2025-2026 is not available in the provided search results, it is known that the company's internal benchmark for APE growth for the full year is 3-5% higher than the industry growth rate.
With the brand refresh, the brand recall in the industry and markets has increased significantly. A detailed strategy is in place to grow the proprietorship channel across all channels, with a specific focus on tier-3 and -4 cities.
This strong start to the fiscal year bodes well for Axis Max Life Insurance, and the company looks forward to continued growth and success in the coming quarters.
[1] Further inquiry into official company reports or statements may be needed for the specific APE growth target for 2025-2026.
- Axis Max Life Insurance aims to surpass the industry growth rate by setting its internal benchmark for APE growth for the full year 2025-2026 at a rate that is 3-5% higher.
- The proprietorship channel, a significant contributor to Axis Max Life Insurance's growth, experienced a robust growth of 26% year-on-year in terms of APE, significantly outperforming the private life insurance industry's growth of 8%.
- A notable aspect of Axis Max Life Insurance's strategy has been its focus on tier-3 and -4 cities for the agency side, contributing to a substantial growth of almost 13-14% in this channel.
- In terms of APE distribution, the partnership channel and the proprietorship channel made up around 49% and 48%, respectively, in Q1, signifying a balanced and strategic approach to diversification.
- The company's brand refresh has led to a significant increase in brand recall within the industry and markets, and a detailed strategy is in place to further grow the proprietorship channel across all channels, particularly in tier-3 and -4 cities.
