Sumit Madan takes over as MD & CEO of Axis Max Life

New Delhi: Sumit Madan has been appointed as the next Managing Director and Chief Executive Officer of Axis Max Life Insurance. The decision was approved by the Board of Directors at a meeting held earlier on Tuesday, Max Financial Services said in a regulatory filing.

Madan, who currently serves as the Chief Distribution Officer at Axis Max Life, will take over the role from Prashant Tripathy, who is taking early retirement. Tripathy’s tenure will officially conclude on September 30, 2025.

Madan's appointment is set for a term of five years, beginning October 1, 2025, and ending September 30, 2030. The company noted that the appointment is subject to necessary approvals from shareholders and the Insurance Regulatory and Development Authority of India (IRDAI).

Axis Max Life Insurance is a subsidiary of Max Financial Services and operates as a joint venture between Max Financial Services and Axis Bank.