Axis Max Life Insurance today announced the appointment of Sumit Madan as its new Managing Director and Chief Executive Officer, effective October 1, 2025. He will succeed Prashant Tripathy, who is taking early retirement at the end of his term on September 30, 2025.
The company’s board approved Madan’s elevation at a recent meeting, with the appointment subject to both shareholder endorsement and the approval of the Insurance Regulatory and Development Authority of India (IRDAI). Madan, currently serving as Chief Distribution Officer, will assume a five-year term through September 2030. Joining Axis Max Life in 2013, Madan has overseen key elements of the company’s distribution strategy. In his current role, he manages the agency, bancassurance, and proprietary sales networks. His leadership helped bolster the company’s reach across urban and rural markets.
Before Max Life, Madan held senior roles at IDFC First Bank—leading retail liabilities, digital, and product teams—and at AU Small Finance Bank as President and Chief of Branch Banking, overseeing a team of over 4,000. Tripathy has steered the firm since January 2019, guiding its growth from a need-based strategy to achieving an estimated 9.4% market share and over ₹1.5 lakh crore in assets under management for FY2024. His early retirement signals a transition shaped through planning, giving Madan time to engage stakeholders and craft a seamless succession.
Madan’s deep roots in distribution place him well to lead Axis Max Life through its next growth phase. The company, jointly owned by Max Financial Services and Axis Bank, has focused on modernizing digital capabilities, expanding rural reach, and deepening bancassurance linkages. Industry analysts view Madan’s advancement as a continuity move, preserving the company’s emphasis on strong, multi-channel distribution—a cornerstone of its strategy. Under his leadership, the ‘Aarohan’ initiative extended presence in 75 new Tier-3 and Tier-4 locations, blending digital infrastructure with community-centric expansion efforts.
As CEO, Madan is expected to further cement Axis Max Life’s distribution edge while intensifying digital transformation—integrating analytics, personalized products, and scalable bancassurance solutions. His distribution expertise, allied with the board’s digital agenda, could drive efficiency and deepen customer engagement. He inherits a mission left by Tripathy—to make Axis Max Life one of the top three private life insurers in India post amendments to the Insurance Act and potential listing driven by regulators.
The appointment has been welcomed as strategic and timely. Market investors are watching how Madan balances expansion and profitability while sustaining high claim settlement ratios. The new leadership is expected to continue momentum in asset creation, customer trust, and regulatory alignment.
Sumit Madan’s elevation from Chief Distribution Officer to MD & CEO underscores Axis Max Life’s strategy to leverage its distribution strength while embracing digital innovation. His leadership marks a seamless transition for the insurer as it readies for its next phase of growth.
